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 S.B. No. 1734, S.D. 2, entitled:

begs leave to report as follows:

The purpose of this bill is to enhance public safety by establishing an investment tax credit for Hawaii taxpayers who invest in the private development of a motors sports recreation and public safety training and educational facility.

Concerned individuals supported this bill. Save Oahu's Race Track and concerned individuals testified that they did not support this measure. The Department of Business, Economic Development, and Tourism and Hawaii Motorsports Center Limited Partnership submitted 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 S.B. No. 1734, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1734, S.D. 2, H.D. 1, and be placed on the calendar for Third Reading.