Bill > SB2600

This bill, effective July 1, 2050, mandates actions required by Article VII, Section 6 of the Hawaii State Constitution when excess general fund revenues are identified, a situation the legislature finds has occurred for two consecutive years. Specifically, it provides a general income tax credit to resident individual taxpayers for the 2026 taxable year, calculated by a set amount multiplied by the number of qualified exemptions, which can be refunded if it exceeds tax liability. Additionally, the bill appropriates funds for deposits into the emergency and budget reserve fund, intended to provide supplemental funding during emergencies or economic downturns, and into the other post-employment benefits trust fund, which covers liabilities for state employees' future benefits.

Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2600&year=2026