HI SB2693

Establishes a new State Fiscal Stabilization Fund in the Hawaii Constitution as a financial reserve for fiscal emergencies.

Requires deposits of five percent of the state general fund balance at the close of each fiscal year into the fund when state general fund revenues exceed prior year revenues by five percent for two successive years.

Suspends deposits to the fund when its balance exceeds ten percent of general fund revenues for the preceding fiscal year.

Requires a two-thirds majority vote of each house of the legislature to appropriate moneys from the fund during severe economic downturns or unforeseen revenue reductions.

Specifies that transfers to the fund occur before calculating eligibility for tax refunds or credits under Article VII, section 6 of the state constitution.