STAND. COM. REP. NO. 1217

Honolulu, Hawaii

, 2019

RE: H.B. No. 1469

H.D. 2

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1469, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE COLLEGE SAVINGS PROGRAM,"

begs leave to report as follows:

The purpose of this measure is to encourage and help Hawaii residents save for higher education by establishing a state income tax deduction for contributions to the Hawaii College Savings Program.

The O‘ahu County Committee on Legislative Priorities of the Democratic Party of Hawai‘i supported this measure. The Department of Taxation, Department of Budget and Finance, and Tax Foundation of Hawaii provided comments.

Your Committee has amended this measure by:

(1) Changing the annual deduction cap amounts to unspecified amounts; and

(2) Making technical, nonsubstantive amendments for clarity, consistency, and style.

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. 1469, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1469, H.D. 2.

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

____________________________

SYLVIA LUKE, Chair