Report Title:

Tax Credits; Social and Economic Impact; Study

Description:

Requires DBEDT to report on the social and economic impact of State tax credits.  (HB2778 HD1)

HOUSE OF REPRESENTATIVES	H.B. NO.	2778
TWENTY-FOURTH LEGISLATURE, 2008		H.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO TAX CREDITS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  (a)  The department of business, economic development, and tourism shall conduct a comprehensive study to determine the social and economic impact derived from state tax credits provided by the legislature.

     The department may contract with a private entity to carry out the study.

     (b)  The department of business, economic development, and tourism shall submit to the legislature a report of the results of the study, no later than twenty days prior to the convening of the regular session of 2009.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $     or so much thereof as may be necessary for fiscal year 2008-2009 for a comprehensive study to determine the social and economic impact of state tax credits provided by the legislature.

     The sum appropriated shall be expended by the department of

business, economic development, and tourism for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2008.