HI
Hawaii House Bill HB1457

Hawaii 2024 Regular Session

Hawaii House Bill HB1457

Introduced
1/25/23  
Refer
1/30/23  
Introduced
1/25/23  

Caption

Proposing Amendments To Article Vii, Section 12, Of The Hawaii Constitution To Authorize The Counties To Issue Tax Increment Bonds.

Impact

If passed, HB1457 would substantially alter how counties in Hawaii can finance public works and improvements. The new authority to issue tax increment bonds could lead to increased investments in local infrastructure, including roads, schools, and public utilities, fostering overall community growth. Furthermore, this financial mechanism is intended to support local economic development by promoting projects that may not otherwise receive funding through traditional means. Consequently, this could have a positive impact on job creation and community revitalization efforts across the state.

Summary

House Bill 1457 proposes to amend Article VII, Section 12 of the Hawaii Constitution to enable counties to issue tax increment bonds. The primary goal of this legislation is to enhance local government's ability to fund public projects through tax increment financing, a method that allows municipalities to capture the future tax revenues generated from increased property values within designated tax increment districts. By allowing counties to utilize this financial tool, the bill aims to facilitate infrastructure improvements and economic development initiatives at the local level.

Contention

Discussion surrounding HB1457 may center on the implications of expanding counties' financial powers. Critics might argue that giving local governments more fiscal authority without stringent oversight could lead to mismanagement or inefficient use of tax revenues. Proponents counter that enhancing local financing options is essential for addressing unique community needs and adapting to rapid changes in economic conditions. As such, the bill could provoke debate on striking a balance between enabling local empowerment and ensuring fiscal responsibility at the county level.

Latest HB1457 Activity

Companion Bills

HI SB1100

Same As Proposing Amendments To Article Vii, Section 12, Of The Hawaii Constitution To Authorize The Counties To Issue Tax Increment Bonds.

HI HB1457

Carry Over Proposing Amendments To Article Vii, Section 12, Of The Hawaii Constitution To Authorize The Counties To Issue Tax Increment Bonds.

Similar Bills

HI SB1295

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.

HI SB3008

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.

HI HB997

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.

HI HB997

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.

HI HB1457

Proposing Amendments To Article Vii, Section 12, Of The Hawaii Constitution To Authorize The Counties To Issue Tax Increment Bonds.

HI SB1100

Proposing Amendments To Article Vii, Section 12, Of The Hawaii Constitution To Authorize The Counties To Issue Tax Increment Bonds.

HI SB1100

Proposing Amendments To Article Vii, Section 12, Of The Hawaii Constitution To Authorize The Counties To Issue Tax Increment Bonds.

HI SB1295

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.