UHERO analysis calls Act 221 a 'mistake'
"The 100 percent credit
attracts high-quality ventures with considerable chance of success, but also induces entrance of low-quality ventures with little chance of success," the paper said.
Moreover, the program allowed people to sell credits, so an out-of-state investor could assign credits to a Hawai'i investor. The non-resident would get a greater ownership stake, while the Hawai'i resident could claim greater credits than what they had invested.
LaCroix, who also is a UH-Manoa economics professor, said this feature was a "toxic combination" that resulted in some people investing to get tax credits and not because they believed the startup company might enjoy success.
"We conclude that it was a mistake to initiate a generous tax credit program without adequate monitoring by public agencies or disclosures of how public funds are being used by recipients," wrote Andrew Kato, Sumner LaCroix and James Mak, economists from the University of Hawai'i Economic Research Organization.
The authors noted it is difficult to determine how much out-of-state investment was attracted into local high technology firms, or how many jobs were created by an estimated $657.5 million of tax credits. The research is to be published in State Tax Notes, a national tax journal.
Honolulu appeals state decision to close city landfill in 3 years
The LUC, in its decision, reasoned that H-Power, the city's waste-to-energy facility, will be expanded by 2012 to the point that it will be able to handle the bulk of O'ahu's municipal waste. Commissioners also noted that the city recently began a contract that would pay a private hauler to ship municipal solid waste to the Mainland.
But city attorneys say H-Power won't be able to fully process at capacity when it is undergoing routine maintenance or unanticipated closures. Additionally, "there will always be (solid waste) that cannot be combusted, recycled, reused or shipped," according to court documents filed by the city.
City attorneys also argue that the commission acted beyond its authority in issuing only a three-year expansion.
Attorney and state Sen. Colleen Hanabusa, who is
representing showboating for the Ko Olina Community Association in the case, also is appealing the decision to Circuit Court.
Hanabusa, in her documents, said the city's Department of Environmental Services failed to meet its burden of proof for any extension.
(Closest possible to zero-waste? Burn waste to generate electricity at H-Power plus use the ash as aggregate to make concrete and asphalt.)
Honolulu official accused of faking low-rent eligibility
Jerome Wallace, 78, is a community services specialist in the city's Section 8 housing assistance program, where he helps local residents transition out of low-income housing.
But for nearly eight years, Wallace lived in a state public housing project near Chinatown where he paid below-market rents because he listed himself as unemployed.
Last month, an O'ahu grand jury indicted Wallace on first-degree theft charges, saying he defrauded the state's public housing program of more than $20,000 between December 1999 and 2007.
Teachers without time to plan would be baby sitters
"I write neither as a state Department of Education employee nor as a parent of a child in public school (yet), but rather as an objective citizen."
Anytime a writer begins with this, it is a sure sign something fishy is going on. And...Lopresti is a far-left Democrat activist and visiting perfesser at HPU who worked to impeach Bush and Cheney in 2007. In an online posting dated April 6, 2007 he writes...
"I live way out in Honolulu and I have been fortunate enough to suggest and help draft for the Hawaii State Senate, Senate Concurrent Resolution 83, requesting Congress to commence impeachment proceedings against the President and the Vice President of the United States."
He is also the author of a chapter in a book praising John Stewart's Bush-bashing "Daily Show"
Just "an objective citizen?"
The rest of his column is just a bunch of excuses designed to justify the HSTA's suddenly-exposed position--exposed after weeks of Lingle-bashing by the Democrats and the unions.
REALITY: Furlough negotiations: $50M ransom offered, but unions balk at releasing hostages
Exhibit to focus on portraits of gay families
Situation fully explained: Antonio Gramsci Reading List
Christian church, Native Americans
reconcile begin reparations process in NY
The Rev. Robert Chase told the Lenape: "We consumed your resources, dehumanized your people and disregarded your culture."
Apologizing for building a great city on an island bought for $26? Situation fully explained: Antonio Gramsci Reading List
Apology website, Healing Turtle Island: http://www.healingturtleisland.com
This is how the Akaka Bill began, with an apology from the UCC for bringing Christianity to Hawaii.
Thanksgiving reality: The hidden story of the third Thanksgiving: 1623--giving thanks for freedom