Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Economic Development & Business Concerns, to which was referred H.B. No. 1723 entitled:

begs leave to report as follows:

The purpose of this bill is to provide assistance in the capital formation of Hawaii's emerging technology firms by authorizing $100,000,000 in tax credits to the Hawaii Strategic Development Corporation to fulfill the purposes of Act 215, Session Laws of Hawaii (SLH) 2004.

The Hawaii Technology Trade Association, Hawaii Venture Capital Association, Economic Development Alliance of Hawaii, and a concerned individual testified in support of this bill. The Department of Business, Economic Development, and Tourism supported the intent of this measure.

Your Committee finds that this bill will fulfill the objective set forth in Act 215, SLH 2004, and help foster a positive climate for Hawaii's developing technology firms.

As affirmed by the record of votes of the members of your Committee on Economic Development & Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1723 and recommends that it pass Second Reading and be referred to the Committee on Finance.