HOUSE OF REPRESENTATIVES

THE TWENTY-FOURTH LEGISLATURE

REGULAR SESSION OF 2008

COMMITTEE ON FINANCE

Rep. Marcus R. Oshiro, Chair

Rep. Marilyn B. Lee, Vice Chair

Rep. Karen Leinani Awana	Rep. Sharon E. Har	Rep. Bob Nakasone	Rep. Kymberly Marcos Pine
Rep. Della Au Belatti	Rep. Jon Riki Karamatsu	Rep. Karl Rhoads	Rep. Gene Ward, Ph.D.
Rep. Tom Brower	Rep. Michael Y. Magaoay	Rep. Roland D. Sagum, III
Rep. Mele Carroll	Rep. Joey Manahan	Rep. James Kunane Tokioka
Rep. Faye P. Hanohano	Rep. John Mizuno	Rep. Colleen Rose Meyer

AMENDED NOTICE OF HEARING

DATE:

Tuesday, February 26, 2008

TIME:

10:00 A.M.

PLACE:

Conference Room 308

State Capitol

415 South Beretania Street

A M E N D E D A G E N D A # 1

~~HB 584, HD1~~

~~(HSCR208)~~

~~Status~~

~~(Email Testimony)~~

~~RELATING TO TAXATION.~~

~~Provides a tax credit to high technology businesses that train high school students in a cooperative education program.~~

~~EDB, FIN~~

~~HB 2778, HD1~~

~~(HSCR288-08)~~

~~Status~~

~~(Email Testimony)~~

~~RELATING TO TAX CREDITS.~~

~~Requires DBEDT to report on the social and economic impact of State tax credits.~~

~~EDB, FIN~~

RELATING TO CONFORMITY OF THE HAWAII INCOME TAX LAW TO THE INTERNAL REVENUE CODE.

Amends Hawaii's income tax law to conform with changes to the Internal Revenue Code.

FIN

RELATING TO TAXATION.

Exempts from general excise and use taxes the fuel sold from a foreign-trade zone for intrastate air transportation by common carriers.

EDB, TRN, FIN

RELATING TO FUEL TAX.

Clarifies that the license tax on diesel fuel is 1 cent, rather than 2 cents if used in power-generating facilities.

TRN, EEP, FIN

RELATING TO GENERAL EXCISE TAXATION.

Exempts from the general excise tax amounts received by managed care support contractors as reimbursements of costs or advances made pursuant to a contract for the administration of the federal TRICARE program.

PSM, FIN

RELATING TO STATE ENTERPRISE ZONES.

Allows agricultural businesses to continue to qualify for zone benefits in case of force majeure events; includes leased and jointly employed workers in hiring formulas; changes schedule of hiring increases; counts value-added agricultural product retail sales towards qualification for tax credits; disallows general excise tax exemption for agricultural product retail sales.

EDB/AGR, FIN

RELATING TO QUALIFIED IMPROVEMENT TAX CREDIT.

Provides a tax credit for improvements made to federally qualified health centers.

HSH/HLT, FIN

RELATING TO TAXATION.

Provides a tax credit equal to 15% of the costs of hotel renovations.

TAC, FIN

RELATING TO LOW-INCOME HOUSING TAX CREDITS.

Reduces the period over which state low-income housing tax credits are taken from 10 years to 5 years.

HSH, FIN

THE COMMITTEE ON FINANCE WILL ACCEPT COMMENTS ON THE FOLLOW PROPOSED HOUSE DRAFTS

RELATING TO TAXATION.

Proposed HD2: Provides tax credit to resident taxpayers for long-term care insurance premiums at lesser of $2,500 or 50% of the amount of the insurance premium paid. Prohibits a medical expense deduction for long-term care insurance cost if long-term care tax credit is claimed.

EDB, FIN

Copies of the proposed HD2 are available in room 306 and on the Legislature's Web site: http://www.capitol.hawaii.gov.

RELATING TO TAX CREDITS.

Proposed HD2: Grants tax credit to small businesses at the lesser of 50% of premiums or $500 per employee for purchase of long-term care insurance for its employees. Defines small business as businesses employing less than 100 full-time or part-time workers.

EDB, FIN

Copies of the proposed HD2 are available in room 306 and on the Legislature's Web site: http://www.capitol.hawaii.gov.

DECISION MAKING TO FOLLOW

Persons wishing to offer comments should submit testimony at least 24 hours prior to the hearing with a transmittal cover indicating:

· Testifier's name with position/title and organization;

· The date and agenda no. of the hearing;

· Measure number;

· If you will be testifying in person or submitting written testimony only;

· The Committee the comments are directed to; and

· The number of copies the Committee is requesting.

While every effort will be made to copy, organize, and collate all testimony received, materials received on the day of the hearing or improperly identified or directed to the incorrect office, may be distributed to the Committee after the hearing.

Submit testimony in ONE of the following ways:

PAPER: 2 copies to Room 306 in the State Capitol. It is required that the copies be on one side of an 8½ " X 11" sheet;

FAX: For comments less than 5 pages in length, transmit to 586-6001 (Oahu) or 1-800-535-3859 (Neighbor Islands);

EMAIL: For comments less than 5 pages in length, transmit to FINtestimony@Capitol.hawaii.gov. Please include the measure number, date of hearing, and agenda no. in the subject line or click on the appropriate "Email Testimony" link above.

Testimony submitted will be placed on the Legislative Web site after the hearing adjourns. This public posting of testimony on the Web site should be considered when including personal information in your testimony.

If you require special assistance or auxiliary aids and/or services to participate in the House public hearing process (i.e., sign or foreign language interpreter or wheelchair accessibility), please contact the Committee Clerk at 586-6200 or email your request for an interpreter to HouseInterpreter@Capitol.hawaii.gov at least 24 hours prior to the hearing for arrangements. Prompt requests submitted help to ensure the availability of qualified individuals and appropriate accommodations.

Selected meetings are broadcast live. Check the current legislative broadcast schedule on the "Capitol TV" Web site at www.capitoltv.org OR call 550-8074.

________________________________________

Rep. Marcus R. Oshiro

Chair