S.B. 2437 Summary

• Appropriates funds from Hawaii hurricane relief fund, emergency and budget reserve fund, and federal troubled asset relief program to restore instructional days through January 1, 2011 for the 2010-2011 school year.

• Increases general excise tax by one percent effective July 1, 2010 to fund restoration of instructional days beginning January 1, 2011.

• Doubles state standard income tax deduction amounts and creates a new nonrefundable tax credit for food purchases (capped at $50 million annually) to offset effects of the general excise tax increase.

• Allocates remaining general excise tax revenues to child-related programs, children's health programs, unemployment compensation fund, and repayment of hurricane relief and emergency reserve funds over specified periods.

• Suspends section 328L-3(e)(3) Hawaii Revised Statutes from the effective date through June 30, 2011 to permit emergency and budget reserve fund appropriation.