HI HCR273

Directs the Department of Business Economic Development and Tourism, with assistance from the Department of Taxation, to conduct a study on the recent migration of wealth to and from Hawaii and its impact on tax collections.

References Hawaii's 2009 tax increases (Act 59 on conveyance taxes and Act 60 on income taxes targeting wealthy individuals) that failed to generate expected revenues, with income tax collections falling 9.3% in FY2010.

Cites economic research showing that high-tax states experience out-migration of wealthy individuals and businesses, including New Jersey's loss of $70 billion in household wealth and 4,000 fewer half-millionaires after raising taxes on the wealthy by 40%.

Requires the Department to submit findings to the Legislature no later than 20 days before the 2011 Regular Session convenes.

Directs certified copies be transmitted to the Director of the Department of Business Economic Development and Tourism, the Director of the Department of Taxation, and the Governor.