HI SB1312

Appropriates $10,000,000 from general revenues into the Emergency and Budget Reserve Fund for fiscal year 2014-2015.

Directs the director of finance to transfer the amount determined as a tax credit or refund under Hawaii Constitution Article VII, Section 6 to the emergency and budget reserve fund instead of providing individual tax credits or refunds.

Responds to constitutional requirement triggered when state general fund balances exceed five percent of state general revenues for two successive fiscal years, which occurred in fiscal years 2012-2013 and 2013-2014.

Prioritizes building emergency reserves to address potential future budget challenges rather than distributing tax credits during the 2015 regular session.

Takes effect upon approval.