STAND. COM. REP. NO. 2630

Honolulu, Hawaii

RE:    S.B. No. 2837

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 2837, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INDIVIDUAL DEVELOPMENT ACCOUNTS,"

begs leave to report as follows:

     The purpose of this measure is to make clarifying amendments to the individual development accounts law.

     Additionally, this measure appropriates funds to the Department of Human Services to operate individual development account programs.

     Your Committee received testimony in support of this measure from the Hawaii Alliance for Community-Based Economic Development and Aloha United Way.  Comments on the measure were received from the Department of Human Services.

     Your Committee finds that individual development accounts are special savings accounts for specified asset-building goals that are opened by low- and moderate-income families and into which the State makes matching deposits.  Your Committee finds that the clarifying amendments made in this measure will provide program expansion and flexibility as well as improved operations.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2837, S.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair