Report Title:
Excess Revenues; Disposition; Constitutional Amendment
Description:
Proposes an amendment to article VII, section 6, of the Constitution of the State of Hawaii, that would empower the legislature with the authority to select between: providing a tax credit or refund; and depositing the money into the emergency and budget reserve fund, when certain budget surplus criteria are met.
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THE SENATE |
S.B. NO. |
3040 |
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TWENTY-THIRD LEGISLATURE, 2006 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Proposing an amendment to the hawaii constitution relating to excess revenues.
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 Constitution of the State of Hawaii to provide the legislature with the flexibility to dispose of excess revenues.
SECTION 2. Article 7, section 6, of the Constitution of the State of Hawaii is amended to read as follows:
"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]:
(1) A tax refund or a tax credit to the taxpayers of the State[,]; or
(2) An appropriation and deposit, into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes, of the amount that would have otherwise been refunded or credited under paragraph (1);
as provided by law."
SECTION 3. The question to be printed on the ballot shall be as follows:
"Shall the legislature, whenever the state general fund balance, at the close of each of two successive fiscal years, exceeds five per cent of general fund revenues for each of the two fiscal years have the authority to decide whether the excess revenues should be deposited into the emergency and budget reserve fund?"
SECTION 4. Constitutional material to be repealed is bracketed and stricken. New constitutional material is underscored.
SECTION 5. This amendment shall take effect upon compliance with article XVII, section 3, of the Constitution of the State of Hawaii.
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INTRODUCED BY: |
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