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HI HB2085
Bill
Status
3/4/2022
Primary Sponsor
Scott Saiki
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AI Summary
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Amends Hawaii Constitution Article VII, Section 12 to define "tax increment bonds" as bonds payable from real property taxes on assessed valuation increases in a designated tax increment district above a baseline fiscal year.
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Authorizes the legislature to permit political subdivisions (counties) to issue tax increment bonds for specified public works, public improvements, or other actions within the tax increment district.
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Amends Hawaii Constitution Article VII, Section 13 to exclude tax increment bonds from calculations of a political subdivision's funded debt limit, provided the bonds are repaid from the incremental tax revenues.
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Creates a ballot question asking voters whether to approve constitutional amendments expressly authorizing tax increment bond issuance and excluding such bonds from debt limit determinations.
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Requires compliance with Hawaii Constitution Article XVII, Section 3 for the amendment to take effect.
Legislative Description
Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.
Constitutional Amendment (ConAm)
Last Action
Report adopted; Passed Second Reading and referred to WAM.
3/24/2022