Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 1723 entitled:

begs leave to report as follows:

The purpose of this bill is to support Hawaii's fledgling high technology companies by authorizing $100,000,000 in tax credits to the Hawaii Strategic Development Corporation to provide necessary growth financing.

Testimony in support of this bill was received from AssistGuide, Inc., Hawaii Technology Trade Association, HiBEAM, Oceanit, Hawaii Biotech, Inc., Hawaii Venture Capital Association, and International Venture Fund. The Department of Business, Economic Development, and Tourism supported the intent of the bill.

Your Committee finds that this bill will further the purposes of Act 215, Session Laws of Hawaii 2004, by nurturing and strengthening Hawaii's high technology industry.

To facilitate further discussion of this measure, your Committee has amended this bill by:

(1) Removing the specific amount of the appropriation;

(2) Providing an effective date of July 1, 2099; and

As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1723, as amended herein, and recommends that it be referred to the Committee on Finance in the form attached hereto as H.B. No. 1723, H.D. 1.