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. 611 entitled:

begs leave to report as follows:

The purpose of this bill is to include insurance premium taxes to the list of taxes for which tax credits may be provided. It also authorizes the Hawaii Strategic Development Corporation to borrow funds and transfer credits as necessary to credit purchasers.

The Department of Business, Economic Development, and Tourism, Hawaii Strategic Development Corporation, and Hawaii Technology Trade Association testified in support of this bill. The Tax Foundation of Hawaii and the Hawaii Venture Capital Association submitted comments.

Your Committee finds this measure will promote economic growth in this state, allowing and attracting new and dynamic businesses to grow, prosper, and remain in Hawaii.

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. 611 and recommends that it pass Second Reading and be referred to the Committee on Consumer Protection & Commerce.