STAND. COM. REP. NO.  717

Honolulu, Hawaii

                , 2011

RE:   H.B. No. 563

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 563, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

begs leave to report as follows:

     The purpose of this bill is to assist the State in addressing its projected revenue shortfall by delaying the availability of the existing Ethanol Facility Tax Credit to the year beginning January 1, 2014.

     The Department of Taxation and Tax Foundation of Hawaii submitted comments.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 563, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair