HI SB2844

Requires the director of finance to transfer the amount determined by the legislature pursuant to Hawaii State Constitution Article VII, Section 6 to the emergency and budget reserve fund for fiscal year 2014-2015.

Appropriates an unspecified amount from general revenues for fiscal year 2015-2016 to be deposited into the emergency and budget reserve fund for the 2014-2015 period.

Addresses a constitutional requirement to provide tax refunds, credits, or fund deposits when state general fund balances exceed 5% of state general revenues for two successive fiscal years.

Corrects an inadvertent error in Act 202 (Session Laws of Hawaii 2015) that prevented a $10,000,000 deposit to the reserve fund in fiscal year 2014-2015.

Takes effect upon approval.