HI SB1213

Amends Section 240-1, Hawaii Revised Statutes, to redirect franchise utility tax revenue from electric light and power companies.

Requires electric light and power companies operating as public utilities to pay one-half of franchise tax collected to the Department of Transportation Highways Division, in addition to the existing one-half payment to the county.

Revenue paid to the Department of Transportation Highways Division shall be deposited into the state highway fund and used for operation and maintenance of highway facilities.

Maintains the existing 2.5% franchise tax requirement based on gross receipts from electric light or power furnished to consumers.

Effective date: July 1, 2050.