Representative
Angus L.K. McKelvey (West Maui, Mā‘alaea, North Kīhei) released the following
statement on Gov. David Ige's veto of Senate Bill 301 - Real Estate Investment
Trusts.
"As
Chair of House Economic Development & Business Committee, which oversaw the
measure, I’m very disappointed the Governor would choose to veto SB 301, which
sought to create tax parity and ensure those who profit off our states natural
resources pay their fair share. I disagree that this measure would have chilled
the investment climate in the state of Hawai‘i when our very climate itself has
and always will provide an attractive investment to those around the world.
"Paradise
is our natural resource and if people are going to make money from it, then
they need to pay their fair share. Other states tax the financial gain of their
natural resources by outside entities and as such, this was much-needed revenue
for much-needed tax relief, to
finance much-needed infrastructure projects, and
to help pay-down our unfunded liabilities."
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