Bill Text: HI HB1956 | 2024 | Regular Session | Amended
Bill Title: Relating To Economic Development.
Spectrum: Partisan Bill (Democrat 14-0)
Status: (Engrossed) 2024-03-12 - The committee on EET deferred the measure. [HB1956 Detail]
Download: Hawaii-2024-HB1956-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1956 |
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THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ECONOMIC DEVELOPMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that while new business formations have grown by thirty-seven per cent in Hawaii since the beginning of 2020, this rate is well below the national average and among the bottom ten nationally. In the latest comprehensive entrepreneurial study from the Kauffman Foundation, the early survival rate for startups in Hawaii is the lowest in the country. Self-employment in Hawaii has consistently been lower than in the United States as a whole, and in 2020, Hawaii ranked fortieth for the percentage of self-employed.
The legislature further finds that tax rates are a factor in business investment decisions and often affect the movement of individuals. Recent reports show both companies and individuals are more likely to move to a location with lower taxes. Hawaii currently ranks the sixth highest for state and local taxes per capita and was ranked forty-second for business climate by the Tax Foundation.
The purpose of this Act is to establish a task force to identify methods to improve Hawaii's general economic competitiveness and business climate, including by mitigating regulatory and tax burdens.
SECTION 2. (a) There is established a business revitalization task force within the department of business, economic development, and tourism for administrative purposes.
(b) The task force shall consist of the following members:
(1) The director of business, economic
development, and tourism or the director's designee, who shall serve as chair
of the task force;
(2) The director of commerce and
consumer affairs or the director's designee;
(3) The director of taxation or the director's
designee;
(4) The director of labor and industrial relations
or the director's designee;
(5) A member of the small business regulatory
review board, to be appointed by the chair of the board;
(6) The dean of the university
of Hawaii at Manoa Shidler college of business or the dean's designee;
and
(7) The director of each
county agency with jurisdiction over economic development or each
respective director's designee.
(c) The chair of the house of
representatives standing committee with primary jurisdiction over economic
development and the chair of the senate standing committee with primary
jurisdiction over economic development shall each invite the following persons
to join the task force:
(1) One representative of the construction
industry;
(2) One representative of the agriculture industry;
(3) One representative of the visitor industry;
(4) One representative of the food industry;
(5) One representative of the retail industry;
(6) One representative of the high technology
industry; and
(7) One representative of the regional and ethnic chambers
of commerce.
(d) The task force shall:
(1) Identify methods to improve Hawaii's general economic competitiveness and business climate, including by mitigating regulatory and tax burdens; and
(2) Develop and recommend legislation to increase Hawaii's general economic competitiveness.
(e) The task force shall meet no less than quarterly.
(f) The task force shall submit a report of its
findings and recommendations, including any proposed legislation, to the
legislature no later than forty days prior to the convening of the regular
session of 2026.
(g)
The task force shall be dissolved on June 30, 2026.
SECTION 3. This Act shall take effect on July 1, 3000.
Report Title:
Task Force; Business Revitalization
Description:
Establishes a business revitalization task force to identify methods to improve Hawaii's general economic competitiveness and business climate, including by mitigating regulatory and tax burdens. Requires a report to the legislature. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
