HI
Hawaii House Bill HB997

Hawaii 2024 Regular Session

Hawaii House Bill HB997

Introduced
1/25/23  
Refer
1/30/23  
Introduced
1/25/23  
Report Pass
2/14/23  
Refer
1/30/23  
Report Pass
2/14/23  

Caption

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.

Impact

The proposed amendments could significantly influence state laws concerning local government financing. By enabling counties to issue tax increment bonds, it allows them to raise capital for essential projects that directly benefit their communities. Excluding these bonds from the determination of a county’s funded debt would alleviate the constraints placed on local government finances, promoting the development of municipal infrastructure and potentially stimulating economic growth.

Summary

House Bill 997 proposes amendments to Article VII, Sections 12 and 13 of the Hawaii Constitution, with the intent to allow the Legislature to permit counties to issue tax increment bonds. This measure aims to facilitate local governments in funding public works and improvements without impacting their debt limits. Tax increment bonds would be defined to include those secured solely by real property taxes levied within specified tax increment districts, thereby enhancing financial flexibility for local governments in infrastructure funding.

Contention

However, the introduction of tax increment bonds may also spark debate regarding accountability and the risks associated with increased local borrowing. Critics might raise concerns about the long-term implications of diverting property tax revenues from general use to bond repayment. Therefore, while supporters view this as a tool to foster local development, opponents could argue that it risks overextending local governments financially and complicating fiscal oversight.

Latest HB997 Activity

Companion Bills

HI SB1295

Same As 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

Carry Over 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.

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 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 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 SB3053

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 HB2085

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 SB3051

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 HB2362

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.