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HI SB3008
Bill
AI Summary
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Adds a definition of "tax increment bonds" to Hawaii Constitution Article VII, Section 12 as bonds payable from real property taxes on the difference between current and baseline assessed values within a tax increment district established by a political subdivision
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Expressly authorizes the legislature to permit counties and other political subdivisions to issue tax increment bonds, in addition to general obligation bonds, bonds under special improvement statutes, and revenue bonds
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Excludes tax increment bonds from the calculation of a political subdivision's funded debt limit (15% of assessed real property values), provided the bonds are paid from and secured by the specified tax increment revenues
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Establishes a statewide ballot question asking voters to approve the constitutional amendments regarding tax increment bond authority and debt limit exclusions for counties
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Takes effect upon compliance with Article XVII, Section 3 of the Hawaii Constitution regarding constitutional amendments
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
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Representative(s) Garcia voting aye with reservations; Representative(s) Pierick voting no (1) and Representative(s) Holt, Kitagawa, Lamosao, Lowen, Nakashima excused (5).
3/20/2024