Act 265
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Both Chambers
- Passed Other Chamber
- To Governor
- Became Law
Overview
This Act addresses the requirements of the Hawaii State Constitution regarding the disposition of excess general fund revenues. Specifically, it directs a deposit of $50,000,000 into the emergency and budget reserve fund established under Hawaii Revised Statutes section 328L-3. The legislature finds that the constitutional factors for disposing of excess revenues have been met for two consecutive fiscal years.
Key provisions
- A deposit of $50,000,000 will be made into the emergency and budget reserve fund.
- This action is based on the requirement under Hawaii State Constitution Article VII, Section 6.
- The legislature finds that the necessary conditions for disposing of excess revenues have been met.
- The Act takes effect on July 1, 2026.
- The appropriation is made from the general revenues of the State of Hawaii.
Who is affected
- Taxpayers of the State of Hawaii
- The State of Hawaii (specifically, the emergency and budget reserve fund)
Notable changes
- This Act implements a specific action to comply with the Hawaii State Constitution.
- It establishes a dedicated funding source for emergencies and budget needs.
Fiscal impact
The Act appropriates $50,000,000 from the general revenues of the State of Hawaii for deposit into the emergency and budget reserve fund.
Bill text
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Document of record
- Version
- GM1368
- Published
- Not published in the source record
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Sponsors
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No sponsors are on record.
Arguments
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