HI HB1924

Establishes an Interdepartmental Research Task Force to review economic models, data sources, and procedures used by the Council on Revenues for economic and tax revenue forecasts.

Task force co-chaired by the Director of Taxation and Director of Business, Economic Development, and Tourism, with members including directors of Finance, Labor and Industrial Relations, Hawaii Tourism Authority Executive Director, Council on Revenues Chair, and Chief Information Officer.

Task force responsibilities include reviewing economic models, recommending improvements to data collection and reporting procedures, and developing or updating economic models for tourism, construction, real estate, income, employment, and tax revenues.

Appropriates funds to the Department of Taxation to prepare tax data (Hawaii income patterns, tax credits, general excise tax, withholding tax, transient accommodations tax) for use by the task force.

Appropriates funds to the Department of Business, Economic Development, and Tourism to assist the task force in developing economic models for state revenue forecasts; takes effect January 20, 2050.