STAND. COM. REP. NO.  586-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 3059

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Human Services & Housing, to which was referred H.B. No. 3059 entitled:

"A BILL FOR AN ACT RELATING TO LOW-INCOME HOUSING TAX CREDITS,"

begs leave to report as follows:

     The purpose of this bill is to improve existing incentives for the development of affordable housing by shortening the period over which the low-income housing tax credit may be taken from ten years to five years.

     The Hawaii Housing Finance and Development Corporation, Hawaii Association of REALTORS, and EAH Housing supported this bill.  The Tax Foundation of Hawaii submitted comments.

     As affirmed by the record of votes of the members of your Committee on Human Services & Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 3059 and recommends that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Human Services & Housing,

____________________________

MAILE SHIMABUKURO, Chair