Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2181, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to support strong growth in the high-technology industry in the state by establishing the Hawaii Innovations Partnership Corporation to:

The High Technology Development Corporation, Hawaii Crop Improvement Association, Hawaii Science and Technology Council, Hawaii Venture Capital Association, Hawaii Biotech, Inc., PacifiCap Group, PacifiCap Management, Inc., TREX Enterprises Corporation, NovaSol, Referentia Systems, Inc., Hawaii Pacific Health, Nanopoint, Enterprise Honolulu, Oceanit, and several concerned individuals supported this bill. The Department of Business, Economic Development, and Tourism, University of Hawaii, and Hawaii Strategic Development Corporation supported the intent of this measure. The Department of Budget and Finance opposed this bill. The Tax Foundation of Hawaii provided comments.

Your Committee has amended this bill by:

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2181, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2181, H.D. 2.