STAND. COM. REP. NO. 2441

Honolulu, Hawaii

RE: S.B. No. 2537

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Agriculture and Environment, to which was referred S.B. No. 2537 entitled:

"A BILL FOR AN ACT RELATING TO CAPITAL IMPROVEMENTS,"

begs leave to report as follows:

The purpose and intent of this measure is to amend the definition of "capital investment costs" to include the planting of trees having an expected lifespan of at least fifteen years.

Your Committee received testimony in support of this measure from the Outdoor Circle, Smart Trees Pacific, Trees for Honolulu's Future, and one individual. Your Committee received comments on this measure from the Department of Budget and Finance.

Your Committee finds that trees are an important source of carbon sequestration and constitute a significant investment for the future. However, even trees that have expected lifespans beyond fifteen years are not included in the current definition of "capital investment costs" in the Hawaii Revised Statutes. This measure amends the definition of "capital investment costs" in section 37-62, Hawaii Revised Statutes, to include trees with lifespans greater than fifteen years.

As affirmed by the record of votes of the members of your Committee on Agriculture and Environment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2537 and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Agriculture and Environment,

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MIKE GABBARD, Chair