STAND. COM. REP. NO.  829

Honolulu, Hawaii

                , 2017

RE:   H.B. No. 629

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 629 entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

begs leave to report as follows:

The purpose of this measure is to enable the Employees' Retirement System to invest in public–private partnerships for the development of construction projects that implement clean energy technology or improve the State's water supply by excluding from income and general excise tax a percentage of the direct costs incurred by a contractor, in such a public-private partnership.

The Employees' Retirement System, Department of Taxation, and Tax Foundation of Hawaii provided comments on this measure.

     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. 629 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

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

____________________________

SYLVIA LUKE, Chair