Hawaii Recovery not Until 2012 or Later, CEO Survey Indicates
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Should government use tax breaks and other incentives to help diversify Hawaii's economy?
- Act 221 was not the complete answer but it at least had its success stories. Working and tweaking that model would have given us some hope. In business you don't just close up if your initial plan does not come to fruition, you tweak and fix as you go along and even in the end if all else fails, you still fight like hell.
- Tax breaks must balance risk and reward to the state while encouraging the formation and growth of young businesses.
- Reinstate Act 221.
- There are many examples; just the renewable energy industry could make Hawaii independent from imported oil in less than five years. Greenland is independent with 1/16 the sun we have. Fire the lobbyists!
- Need to better manage these tax giveaways.
- Tax cuts should be across the board – not targeted to new businesses or ventures.
- Government should get out of the way and let us do our jobs. That, in turn, would also slim down government, reducing the need for the current level of taxation. Lower taxes and less regulation would then stimulate growth. Pretty simple stuff.
- There should be a general reduction in taxes and a repeal of those anti-business, anti-growth laws passed in the past two legislatures. For instance, card check, commercial leasing regulations and increases in land transfer taxes are all harmful and will reduce growth going forward. They both send the wrong message and are in fact harmful.
- Renewable resources.
- This area's importance is underestimated and analyzed incorrectly; incentives can aid in creating good employment, something critically needed.
- Something needs to be done to change t he economy, and tax breaks might be a good way to start.
- The state should "go green" in a big way. Solar and wind, if fully implemented, would be a far bigger bang than rail, both for jobs to install and ongoing economic and societal benefits. We should be pushing here for global leadership as it is a true advantage of our location (unlike hi tech or bio tech). Market our state as a "green" "sustainable" tourist destination, leads us to again be a differentiated PREMIUM brand relative to Mexico and the Carribean.
- Very cautiously.
- Government (politicians) need to get out of the way.
- The tax rates themselves seem relatively fair. If Hawaii wishes to grow, tax incentives of an open architecture design to encourage outside investment into the islands would be helpful. Perhaps the raising of basic rates with higher incentives to lower the net effective rate would be best as it forces engagement of different local business to support the planning and implementation, while promoting new business from outside into the islands, creating jobs and hiring local talent.
- Why would we stop the movie and entertainment industries tax breaks? They employ a lot of local people and Hawaii gets FREE promotions every time a movie or TV show is shot here.
- Eliminate government jobs and make a more efficient government. Why should the buildings in the State offices be blasting at 70 degree temperature with A/C on when private, tax-paying businesses make sacrifices?
- Such incentives have proven to help, but in the long term Hawaii's institutional investors need to invest in Hawaii by putting money into local venture firms rather than letting their advisors put their alternative investment capital into markets outside of Hawaii.
- But not like the high tech tax breaks. We gave away the farm on that one.
- Need to resurrect Act 221 in its original form.
- Incentives would be fine if the State Government could get it right but they are poorly equipped to devise a cost-effective credit as we saw in the recently eliminated technology credit.
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