HI SB2044

Establishes a Housing Savings Account System administered by an 8-member board within the Department of Budget and Finance, with the Director of Finance serving as chairperson.

Requires all employers in Hawaii to offer employees the opportunity to contribute to housing savings accounts through payroll deduction, with employees automatically enrolled at a default rate of 5% of compensation unless they opt out.

Permits employees to withdraw funds from housing savings accounts at any time without penalty for purposes including down payments, mortgage payments, rent, or security deposits.

Allows employers to voluntarily match employee contributions to housing savings accounts, with contributed funds subject to state income tax and receiving no additional tax benefits.

Establishes the board's authority to create administrative rules and employ staff to oversee enrollment, manage individual accounts, and enforce the chapter's provisions.