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HI SB1295
Bill
Status
3/13/2023
Primary Sponsor
Ronald Kouchi
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AI Summary
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Proposes constitutional amendment to Article VII, Section 12 to add definition of "tax increment bonds" as bonds payable solely from real property taxes on the difference between current assessed values and baseline assessed values in a tax increment district.
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Authorizes the legislature to allow counties and other political subdivisions to issue tax increment bonds through general law, establishing the manner and procedure for issuance.
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Proposes constitutional amendment to Article VII, Section 13 to exclude tax increment bonds from calculations of political subdivisions' funded debt limits, provided bonds are secured solely by tax increment revenues.
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Requires ballot question asking voters whether to permit tax increment bonds for public works and improvements within tax increment districts and exclude them from debt calculations.
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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
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Representative(s) Alcos, Matsumoto voting aye with reservations; Representative(s) Garcia, Pierick, Ward voting no (3) and Representative(s) Cochran, Gates, Lowen excused (3).
3/20/2023