HOUSE OF REPRESENTATIVES	H.B. NO.	25
THIRTY-SECOND LEGISLATURE, 2023		H.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO TAXATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The legislature finds that article VII, section 6, of the Hawaii State Constitution requires the legislature to dispose of excess general fund revenues when certain factors are met, as follows:

"(1) Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;

(2) Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or

(3) Appropriate general funds for the pre-payment of either or both of the following, as provided by law:

(A) Debt service for general obligation bonds issued by the State; or

(B) Pension or other post-employment benefit liabilities accrued for state employees."

The legislature further finds that the necessary factors have been met for two successive fiscal years and that the legislature is constitutionally required to dispose of excess tax revenues, as authorized under article VII, section 6, of the Hawaii State Constitution.

Accordingly, the purpose of this Act is to implement article VII, section 6, of the Hawaii State Constitution, by providing for an income tax refund to every resident individual taxpayer of the State, as follows:

(1) $           for individuals earning less than $           and couples earning less than $          ; or

(2) $           for individuals earning $           or more and couples earning $           or more,

multiplied by the number of the taxpayer's qualified exemptions, to satisfy constitutionally mandated requirements.

SECTION 2. This Act shall take effect on July 1, 3000.

Report Title:

Mandatory Tax Credit; Excess General Fund Revenues

Description:

Provides a tax credit to taxpayers pursuant to article VII, section 6, of the Hawaii State Constitution. Effective 7/1/3000. (HD1)

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