STAND. COM. REP. NO.  629-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 2857

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Public Safety & Military Affairs, to which was referred H.B. No. 2857 entitled:

"A BILL FOR AN ACT RELATING TO TAX CREDITS,"

begs leave to report as follows:

     The purpose of this bill is to provide a one-time nonrefundable tax credit to assist the victims of the December 2007 flood and wind storm in upcountry Maui and other areas of the 12th representative district.

     The Department of Hawaiian Home Lands supported the intent of this bill.  The Department of Defense, Department of Taxation, and Tax Foundation of Hawaii submitted comments.

     Your Committee has amended this bill by:

(1)  Changing the effective date to July 1, 2050, to encourage further discussion; and

(2)  Making technical, nonsubstantive changes for clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Public Safety & Military Affairs that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2857, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2857, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Public Safety & Military Affairs,

____________________________

CINDY EVANS, Chair