HI HB2542

Transfers excess balances from 26 special and revolving funds to the general fund on July 1, 2010, to address the fiscal year 2010-2011 budget shortfall, with amounts ranging from $300,000 to $7,200,000 per fund.

Major transfers include $7,200,000 from the Hawaii tobacco settlement special fund, $7,000,000 from the special fund for disability benefits, $3,200,000 from the loss mitigation grant fund, and $2,500,000 from the university revenue-undertakings fund.

Amends the fuel tax credit for commercial fishers under Hawaii Revised Statutes Section 235-110.6 to specify that tax credit refunds and payments be made from the state highway fund instead of the general fund.

Extends the timeline for cigarette tax distributions under Section 245-15 to July 1, 2013, continuing allocations to the Hawaii cancer research special fund, trauma system special fund, community health centers special fund, and emergency medical services special fund.

Takes effect on July 1, 2010.