S.R. No. 218 Summary

• Director of Finance requested to convene a working group to optimize federal fund drawdowns under the Inflation Reduction Act of 2022 (Public Law 117-169)

• Working group to include members representing all levels of government and coordinate among state agencies, county agencies, and Hawaii's congressional delegation

• Working group responsibilities include reviewing federal fund drawdown potential, planning fund drawdowns and uses, tracking spent funds, and recommending legislation to secure additional federal funding

• Preliminary report due to Legislature no later than 20 days before the 2024 Regular Session convening; final report with proposed legislation due no later than 20 days before the 2025 Regular Session convening

• Federal funding opportunities identified include over $4 billion for home energy rebate programs, $27 billion Greenhouse Gas Reduction Fund, $5.5 billion for water projects, $3 billion for port pollution reduction, and $1 billion for clean heavy-duty vehicle rebates