Bill Text: HI HB983 | 2012 | Regular Session | Amended

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Bill Title: Hawaii Strategic Development Corporation; Tax Credits

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Enrolled - Dead) 2012-04-13 - (H) Received notice of all Senate conferees being discharged (Sen. Com. No. 747). [HB983 Detail]

Download: Hawaii-2012-HB983-Amended.html

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STAND. COM. REP. NO. 1230

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 983

       H.D. 2

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 983, H.D. 2, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE HAWAII STRATEGIC DEVELOPMENT CORPORATION,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to promote the development of high technology ventures in the State by amending the Hawaii Strategic Development Corporation provisions related to tax credits.

 

     More specifically, this measure:

 

     (1)  Amends the definitions of "tax credits" and "taxpayer" in section 211G-1, Hawaii Revised Statutes, to include insurance premium taxes among the taxes against which the credit may be claimed, and makes related amendments in section 211G-12, Hawaii Revised Statutes;

 

     (2)  Changes the total amount and aggregate total per fiscal year of tax credits that may be issued to, and transferred by, the Hawaii Strategic Development Corporation to unspecified amounts; and

 

     (3)  Changes the date after which the tax credits transferred by the Hawaii Strategic Development Corporation may first be exercised from July 1, 2005, to July 1, 2013, and changes the last date on which the tax credits may be exercised from July 1, 2030, to an unspecified date.

 

     Your Committee received written comments in support of this measure from Yuka Nagashima, Executive Director and Chief Executive Officer, High Technology Development Corporation; The Chamber of Commerce of Hawaii; and James P. Karins, President, Pukoa Scientific.

 

     Your Committee received comments on this measure from the Tax Foundation of Hawaii.

 

     Your Committee finds that the increase and expansion of tax credits that may be issued to and transferred by the Hawaii Strategic Development Corporation will provide additional financing options that will attract outside investment to Hawaii.  This capital formation strategy will help to diversify the State's economy and promote the development of high technology ventures.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 983, H.D. 2, S.D. 1, and recommends that it pass Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

		____________________________ DAVID Y. IGE, Chair