A controversial tax-credit program for high-technology investors and companies would be cut by 10 percent in the coming fiscal year and about 25 percent the following year under proposals being contemplated by Gov. Linda Lingle's administration.

State Tax Director Kurt Kawafuchi said the tax credits currently cost the state $150 million annually and that the administration would like to slice that by about $65 million over a two-year period.

"We're not seeking a repeal of Act 221 at this point," said Kawafuchi. "We're just asking for a tightening."

The high-tech credits are among several high-profile budget cuts being contemplated by Lingle as she wrestles with a projected revenue shortfall and yawning budget problems. The credits have at times been controversial and two reports in recent months from Kawafuchi's department have raised questions about program's benefit.