STAND. COM. REP. NO. 2882

Honolulu, Hawaii

RE: S.B. No. 2044

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

Sir:

Your Committee on Housing, to which was referred S.B. No. 2044 entitled:

"A BILL FOR AN ACT RELATING TO HOUSING SAVINGS ACCOUNTS,"

begs leave to report as follows:

The purpose and intent of this measure is to help employees in the State save money for housing by establishing the procedures for a housing savings account system in which all employees in Hawaii may participate.

Your Committee received testimony in support of this measure from Faith Action and one individual. Your Committee received comments on this measure from the Tax Foundation of Hawaii.

Your Committee finds that affordable housing the State has reached crisis levels. Your Committee finds that creative solutions are needed to combat this crisis. This measure creates the housing savings account system for employees in the State, which automatically deducts, subject to an employee's opt out, a predetermined portion of the employee's salary and places it into a savings account that may be used for housing related expenses.

Your Committee has amended this measure by making a technical, nonsubstantive amendment for the purposes of clarity and consistency.

As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2044, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2044, S.D. 1, and be referred to your Committees on Judiciary and Ways and Means.

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

________________________________

STANLEY CHANG, Chair