STAND. COM. REP. NO. 2820

Honolulu, Hawaii

RE: S.B. No. 3074

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 3074 entitled:

"A BILL FOR AN ACT MAKING AN APPROPRIATION TO THE EMERGENCY AND BUDGET RESERVE FUND,"

begs leave to report as follows:

The purpose and intent of this measure is to appropriate moneys into the emergency and budget reserve fund.

Your Committee received testimony in support of this measure from Common Cause Hawaii and four individuals.

Your Committee received comments on this measure from the Campaign Spending Commission, Department of Taxation, and Tax Foundation of Hawaii.

Your Committee finds that recapitalizing the emergency and budget reserve fund is necessary to help enable the State to withstand unforeseen economic downturns and natural disasters in the future.

Your Committee has amended this measure by:

(1) Changing the appropriation from $1,000,000,000 to an unspecified amount;

(2) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(3) Making technical nonsubstantive changes for purposes of clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3074, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 3074, S.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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DONOVAN M. DELA CRUZ, Chair