A state House committee yesterday delayed a vote on a bill to repeal $75 million in state tax credits for developers building a world-class aquarium at Ko Olina Resort & Marina.

The House Tourism & Culture Committee scheduled another hearing for Friday at which Ko Olina's representatives said they would present more detailed plans and drawings of the project, which has been in the research and planning phase for about three years.

The bill to repeal the tax credits was introduced by a group of House lawmakers who questioned whether the tax break is delivering on its promise to stimulate economic development. Nearly two-thirds of House members have signed on to the measure.

Officials from the state Tax Department and Department of Business, Economic Development & Tourism told lawmakers they opposed repealing the tax credit, citing the inequity that would be created by withdrawing incentives that Ko Olina developers say have helped attract major residential and time-share development to the West O'ahu resort.

A Ko Olina affiliate headed by Jeff Stone also has spent almost $3 million planning for the aquarium that could be claimed as tax credits this year.

Part of the reason some lawmakers sponsored the repeal bill stemmed from difficulty obtaining a status update on the project, which has been moved three times to different sites within the resort and significantly redesigned. Ko Olina officials said integrating an aquarium with the growing resort as well as zoning and permitting issues have delayed the project, which is scheduled to open in late 2008.

Other lawmakers sponsoring the bill voted against the tax credit before it became law in 2003. The tax credit has been controversial because it primarily benefits one landowner and community rather than a broader industry or state economy.

Ko Olina developers have until 2009 to spend up to $75 million on the aquarium and related educational facilities under the tax credit law.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.