STAND. COM. REP. NO. 1158

Honolulu, Hawaii

, 2023

RE: H.B. No. 608

H.D. 2

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 608, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

begs leave to report as follows:

The purpose of this measure is to establish a temporary organic foods production tax credit to incentivize the production of these foods.

Your Committee received testimony in support of this measure from the Hawai‘i Farm Bureau, Hawai‘i Farmers Union United, Hawai‘i Alliance for Progressive Action, and four individuals. Your Committee received comments on this measure from the Department of Taxation, Maui Chamber of Commerce, and Tax Foundation of Hawaii.

Your Committee has amended this measure by:

(1) Changing the amount of the tax credit to an unspecified amount;

(2) Changing the annual aggregate cap on the tax credit to an unspecified amount; and

(3) Making a technical, nonsubstantive amendment for the purposes of clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 608, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 608, H.D. 2.

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

____________________________

KYLE T. YAMASHITA, Chair