Bill Text: HI SB2807 | 2010 | Regular Session | Amended
Bill Title: Constitutional Amendment; Excess Revenues; Temporary Supplemental Source of Funding
Spectrum: Partisan Bill (Democrat 15-0)
Status: (Enrolled - Dead) 2010-05-03 - (S) Enrolled to Governor. [SB2807 Detail]
Download: Hawaii-2010-SB2807-Amended.html
|
THE SENATE |
S.B. NO. |
2807 |
|
TWENTY-FIFTH LEGISLATURE, 2010 |
S.D. 2 |
|
|
STATE OF HAWAII |
H.D. 1 |
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
PROPOSING AN AMENDMENT TO ARTICLE VII, SECTION 6, OF THE HAWAII CONSTITUTION, RELATING TO THE TAX REBATE REQUIREMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to propose an amendment to Article VII, Section 6, of the Hawaii Constitution to amend the requirement that excess general fund revenues be returned to taxpayers of the State as a tax refund and allow the legislature to deposit these excess revenues into one or more emergency and budget reserve funds as an alternative.
SECTION 2. Article VII, Section 6, of the Hawaii Constitution is amended to read as follows:
"DISPOSITION OF EXCESS REVENUES
Section 6. Whenever the state general fund balance at the close of each of two successive fiscal years exceeds five percent of general fund revenues for each of the two fiscal years, the legislature in the next regular session shall provide for a tax refund or tax credit to the taxpayers of the State, or make a deposit into one or more emergency and budget reserve funds, as provided by law."
SECTION 3. The question printed on the ballot shall be as follows:
"Shall the legislature be provided with the choice, when the state general fund balance at the close of two successive fiscal years exceeds five per cent of the general fund revenues for each of the two fiscal years, to provide a tax refund or tax credit to the taxpayers of the State, or to make a deposit into one or more emergency and budget reserve funds, which shall collectively be a temporary supplemental source of funding for the State in times of emergency, economic downturn, or unforeseen reduction in revenues?"
SECTION 4. Constitutional material to be repealed is bracketed. New constitutional material is underscored.
SECTION 5. This amendment shall take effect upon compliance with Article XVII, Section 3, of the Hawaii Constitution.
Report Title:
Constitutional Amendment; Excess Revenues; Emergency and Budget Reserve Fund
Description:
Proposes a constitutional amendment to article VII, section 6 of the state constitution to authorize the legislature to determine whether excess funds should be used as tax refunds or tax credits to taxpayers of the State or diverted to the State's emergency and budget reserve fund. (SB2807 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
