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HI SB3053
Bill
Status
1/26/2022
Primary Sponsor
Ronald Kouchi
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AI Summary
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Proposes constitutional amendment to Article VII, Section 12 to define "tax increment bonds" as bonds payable solely from real property taxes on assessed valuation increases within a 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 public works, public improvements, or other actions within a tax increment district.
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Amends Article VII, Section 13 to exclude tax increment bonds from calculations of a political subdivision's funded debt limit, provided principal and interest are paid from the designated increment tax revenues.
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Ballot question asks voters whether the Constitution should be amended to allow counties to issue tax increment bonds and exclude them from debt limit determinations.
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Amendment takes effect upon compliance with Article XVII, Section 3 of the Hawaii Constitution.
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
Referred to GVO/JDC, WAM.
1/26/2022