STAND. COM. REP. NO.  87

Honolulu, Hawaii

                , 2009

RE:   H.B. No. 1057

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Higher Education, to which was referred H.B. No. 1057 entitled:

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

begs leave to report as follows:

     The purpose of this bill is to support investment in a child's future by allowing family members and friends to contribute to college savings accounts set up under the State-established HI529 program that currently only account owners can contribute to.

     The Department of Budget and Finance and The League of Women Voters of Hawaii testified in support of this bill.

     Your Committee has amended this bill by:

     (1)  Changing its effective date to July 1, 2020, to encourage further discussion; 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 Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1057, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1057, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Higher Education,

____________________________

JERRY L. CHANG, Chair