HI HB172

Requires the director of finance to transfer to the emergency and budget reserve fund the total sum of tax credit or refund as determined by the legislature for fiscal year 2014-2015, in compliance with article VII, section 6 of the Hawaii Constitution.

Appropriates general revenues to the emergency and budget reserve fund instead of providing a tax refund or credit to taxpayers, based on state general fund balances exceeding five percent of general revenues for fiscal years 2012-2013 and 2013-2014.

Legislature determines this approach preferable to increase reserves for addressing future emergencies and contingencies when state revenues may decline.

Effective date set for July 1, 2050.