Hawaii House Bill HB353

Hawaii 2022 Regular Session

• Introduced: 1/25/21
• Refer: 1/27/21
• Refer: 2/10/21
• Report Pass: 2/19/21
• Refer: 2/19/21

Caption

Relating To Government Revenues.

Impact

The bill stands to affect the operational framework of local governments' finance management. Specifically, it emphasizes the importance of transparency in government operations by requiring local authorities to disclose the financial implications of their tax incentive strategies. As a result, this may lead to more informed decision-making at the county level regarding future tax credits and exemptions, which could impact local revenue streams and budget allocations.

Summary

House Bill 353 aims to enhance fiscal transparency in the state of Hawaii by mandating that counties providing tax credits or exemptions submit a detailed report to the legislature. This report must include calculations of the revenue lost due to these financial provisions in the prior fiscal year and is expected to be submitted twenty days before each regular legislative session. The intent is to create greater awareness and accountability regarding the financial impact of tax credits and exemptions utilized by counties.

Sentiment

There has been a generally positive sentiment regarding HB 353 among legislative members, particularly highlighting the need for accountability in public finance. Supporters believe that this bill will help curb unnecessary expenditures and generate a better understanding of government revenues in relation to local financial policies. However, there may also be some concerns from county officials about the administrative burden that compliance with these reporting requirements may entail.

Contention

Notable points of contention surrounding HB 353 may arise from discussions about the balance between state oversight and local autonomy. Some critics might argue that the requirement for increased reporting could impede local governments' flexibility in managing their finances. Conversely, proponents assert that the transparency engendered by this bill will ultimately support effective fiscal governance, allowing for improved responsiveness to taxpayers' needs and expectations.