STAND. COM. REP. NO. 1043-24

Honolulu, Hawaii

, 2024

RE: H.B. No. 2787

H.D. 2

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2024

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2787, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE INDIVIDUAL HOUSING ACCOUNT PROGRAM,"

begs leave to report as follows:

The purpose of this measure is to:

(1) Increase the maximum amount of deductible contributions for individual housing accounts; and

(2) Require and appropriate funds for the Department of Taxation to create and implement a public awareness campaign about individual housing accounts.

Your Committee received testimony in support of this measure from one individual. Your Committee received testimony in opposition to this measure from one individual. Your Committee received comments on this measure from the Department of Taxation.

Your Committee has amended this measure by changing the maximum amounts of deductible contributions for individual housing accounts to unspecified amounts.

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. 2787, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2787, H.D. 2.

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

____________________________

KYLE T. YAMASHITA, Chair