Bill > SB2801

This bill aims to address the State's fiscal difficulties by protecting general fund revenues while minimizing the impact on residents by temporarily suspending certain state income tax credits. Specifically, it repeals the allocation of conveyance tax revenues, which are taxes on the transfer of real property, to the rental housing revolving fund, meaning these funds will now go directly to the general fund. Additionally, it temporarily suspends several state income tax credits, including those for renewable energy technologies, capital goods, high technology businesses, renewable fuels, technology infrastructure renovation, ship repair, and research activities, retroactively to January 1, 2026, and lasting until December 31, 2031. The bill acknowledges that these measures are intended to safeguard essential state programs and services that benefit residents, such as social services, infrastructure, and education, especially in light of federal policy uncertainties and weaker revenue collections.

Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2801&year=2026