HI HB1369

Proposes constitutional amendment to Article VII, Sections 12 and 13 of the Hawaii Constitution to authorize counties to issue tax increment bonds.

Defines "tax increment bonds" as bonds payable from real property taxes levied on assessed valuations in excess of baseline valuations in designated tax increment districts, with repayment periods not exceeding a specified number of years.

Requires the legislature to enact general laws authorizing political subdivisions to issue tax increment bonds and prescribing the manner and procedure for issuance.

Excludes tax increment bonds from calculations of a county's funded debt limit, provided principal and interest are paid solely from incremental property tax revenues in the designated district.

Amendment takes effect upon compliance with Article XVII, Section 3 of the Hawaii Constitution, subject to voter approval through ballot question.