THE SENATE	S.B. NO.	3071
TWENTY-SEVENTH LEGISLATURE, 2014
STATE OF HAWAII

A BILL FOR AN ACT

relating to taxation and revenues.

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

          SECTION 1.  Chapter 37, Hawaii Revised Statutes, is amended by adding a new part to be appropriately designated and to read as follows:

"Part ___. disposition of excess revenues

§37-____  Tax refund or tax credit when excess revenues. Subject to §328L-3(a)(3)if in effect, and pursuant to article VII, section 6 of the Hawaii constitution, 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, the legislature in the next regular session shall provide a tax refund or tax credit to taxpayers of the State at a minimum of fifty per cent of excess general fund revenues."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

INTRODUCED BY:

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Report Title:

Tax refund or tax credit when Hawaii has received excess revenues

Description:

Provides for minimum tax refund or tax credit to taxpayers when the state has excess revenues (surpluses).

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