HI SB2807

Proposes a constitutional amendment to Article VII, Section 6 of the Hawaii Constitution to modify the requirement that excess general fund revenues be returned to taxpayers as a tax refund or tax credit.

Gives the Legislature the alternative option of depositing excess revenues into one or more emergency and budget reserve funds instead of automatically returning them to taxpayers.

Defines reserve funds as temporary supplemental sources of funding for the State during times of emergency, economic downturn, or unforeseen reduction in revenue.

Conference committee amended the measure to clarify the language regarding the purpose and use of reserve funds and made technical conforming amendments for clarity.