SB 2600: Emergency and Budget Reserve Fund; Constitution; Appropriation
- Session Year: 2025-2026
- House: Senate
- Latest Version Date: 2026-05-01
Current Status:
Passed
(2026-07-15: Act 265, on 07/15/2026 (Gov. Msg. No. 1368).)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Final Decking
Enacted
Makes a deposit into the emergency and budget reserve fund pursuant to article VII, section 6, of the Hawaii State Constitution. (CD1)
Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii State Constitution. Appropriates funds. Effective 7/1/3000. (HD1)
Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii State Constitution. Appropriates moneys. Effective 7/1/2050. (SD1)
Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii State Constitution. Appropriates moneys.
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THE SENATE |
S.B. NO. |
2600 |
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THIRTY-THIRD LEGISLATURE, 2026 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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C.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE GENERAL FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(1) Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;
(2) Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or
(3) Appropriate general funds for the pre-payment of either or both of the following, as provided by law:
(A) Debt service for general obligation bonds issued by the State; or
(B) Pension or other post-employment benefit liabilities accrued for state employees.
The legislature finds that the necessary factors have been met for two successive fiscal years and that the legislature is constitutionally required to dispose of excess tax revenues, as authorized under article VII, section 6, of the Hawaii State Constitution.
Accordingly, the purpose of this Act is to implement article VII, section 6, of the Hawaii State Constitution by making a deposit of $50,000,000 into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes.
SECTION 2. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $50,000,000 or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes.
SECTION 3. This Act shall take effect on July 1, 2026.
Report Title:
Emergency and Budget Reserve Fund; Constitution; Appropriation
Description:
Makes a deposit into the emergency and budget reserve fund pursuant to article VII, section 6, of the Hawaii State Constitution. (CD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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THE SENATE |
S.B. NO. |
2600 |
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THIRTY-THIRD LEGISLATURE, 2026 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE GENERAL FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(1) Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;
(2) Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or
(3) Appropriate general funds for the pre-payment of either or both of the following, as provided by law:
(A) Debt service for general obligation bonds issued by the State; or
(B) Pension or other post-employment benefit liabilities accrued for state employees.
The legislature finds that the necessary factors have been met for two successive fiscal years and that the legislature is constitutionally required to dispose of excess tax revenues, as authorized under article VII, section 6, of the Hawaii State Constitution.
Accordingly, the purpose of this Act is to implement article VII, section 6, of the Hawaii State Constitution by:
(1) Providing an income tax credit of $ , multiplied by the number of a taxpayer's qualified exemptions, to every resident individual taxpayer of the State to satisfy constitutionally mandated requirements;
(2) Making a deposit of $ into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes; and
(3) Making a deposit of $ into the other post‑employment benefits trust fund established under section 87A-42, Hawaii Revised Statutes.
SECTION 2. (a) There shall be allowed each resident individual taxpayer who files an individual income tax return for the 2026 taxable year and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes, a general income tax credit of $ , which shall be deducted from income tax liability computed under chapter 235, Hawaii Revised Statutes; provided that a resident individual who has no income or no income taxable under chapter 235, Hawaii Revised Statutes, and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes may claim this credit.
(b) Each resident individual taxpayer may claim the general income tax credit multiplied by the number of qualified exemptions to which the taxpayer is entitled.
(c) Each person for whom the general income tax credit is claimed shall have been a resident of the State, as defined in section 235-1, Hawaii Revised Statutes, for at least nine months regardless of whether the qualified resident was physically in the State for nine months. Multiple exemptions shall not be granted for the general income tax credit because of age or deficiencies in vision, hearing, or other disability.
(d) The general income tax credit shall not be available to any:
(1) Person who has been convicted of a felony and who has been committed to prison and has been physically confined for the full taxable year;
(2) Person who would otherwise be eligible to be claimed as a dependent but who has been committed to a youth correctional facility and has resided at the facility for the full taxable year; or
(3) Misdemeanant who has been committed to jail and has been physically confined for the full taxable year.
(e) The tax credit claimed by a resident taxpayer pursuant to this section shall be deductible from the resident taxpayer's individual income tax liability for the 2026 taxable year. If the tax credit claimed by a resident taxpayer exceeds the amount of income tax payment due from the resident taxpayer, the excess of credits over payments due shall be refunded to the resident taxpayer; provided that a tax credit properly claimed by a resident individual who has no income tax liability shall be paid to the resident individual.
(f) All claims for tax credits under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credits may be claimed. Failure to comply with this filing requirement shall constitute a waiver of the right to claim the credit.
SECTION 3. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the other post-employment benefits trust fund established under section 87A-42, Hawaii Revised Statutes.
SECTION 4. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes.
SECTION 5. This Act shall take effect on July 1, 3000; provided that section 2 shall apply to taxable years beginning after December 31, 2025.
Report Title:
Mandatory Tax Credit; Emergency and Budget Reserve Fund; Other Post-employment Benefits Trust Fund; Constitution; Appropriations
Description:
Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii State Constitution. Appropriates funds. Effective 7/1/3000. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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THE SENATE |
S.B. NO. |
2600 |
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THIRTY-THIRD LEGISLATURE, 2026 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE GENERAL FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(1) Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;
(2) Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or
(3) Appropriate general funds for the pre-payment of either or both of the following, as provided by law:
(A) Debt service for general obligation bonds issued by the State; or
(B) Pension or other post-employment benefit liabilities accrued for state employees.
The legislature finds that the necessary factors have been met for two successive fiscal years and that the legislature is constitutionally required to dispose of excess tax revenues, as authorized under article VII, section 6, of the Hawaii State Constitution.
Accordingly, the purpose of this Act is to implement article VII, section 6, of the Hawaii State Constitution by:
(1) Providing an income tax credit of $ , multiplied by the number of a taxpayer's qualified exemptions, to every resident individual taxpayer of the State to satisfy constitutionally mandated requirements;
(2) Making a deposit of $ into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes; and
(3) Making a deposit of $ into the other post‑employment benefits trust fund established under section 87A-42, Hawaii Revised Statutes.
SECTION 2. (a) There shall be allowed each resident individual taxpayer who files an individual income tax return for the 2026 taxable year and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes, a general income tax credit of $ , which shall be deducted from income tax liability computed under chapter 235, Hawaii Revised Statutes; provided that a resident individual who has no income or no income taxable under chapter 235, Hawaii Revised Statutes, and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes may claim this credit.
(b) Each resident individual taxpayer may claim the general income tax credit multiplied by the number of qualified exemptions to which the taxpayer is entitled.
(c) Each person for whom the general income tax credit is claimed shall have been a resident of the State, as defined in section 235-1, Hawaii Revised Statutes, for at least nine months regardless of whether the qualified resident was physically in the State for nine months. Multiple exemptions shall not be granted for the general income tax credit because of age or deficiencies in vision, hearing, or other disability.
(d) The general income tax credit shall not be available to any:
(1) Person who has been convicted of a felony and who has been committed to prison and has been physically confined for the full taxable year;
(2) Person who would otherwise be eligible to be claimed as a dependent but who has been committed to a youth correctional facility and has resided at the facility for the full taxable year; or
(3) Misdemeanant who has been committed to jail and has been physically confined for the full taxable year.
(e) The tax credit claimed by a resident taxpayer pursuant to this section shall be deductible from the resident taxpayer's individual income tax liability for the 2026 taxable year. If the tax credit claimed by a resident taxpayer exceeds the amount of income tax payment due from the resident taxpayer, the excess of credits over payments due shall be refunded to the resident taxpayer; provided that a tax credit properly claimed by a resident individual who has no income tax liability shall be paid to the resident individual.
(f) All claims for tax credits under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credits may be claimed. Failure to comply with this filing requirement shall constitute a waiver of the right to claim the credit.
SECTION 3. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the other post-employment benefits trust fund established under section 87A-42, Hawaii Revised Statutes.
SECTION 4. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes.
SECTION 5. This Act shall take effect on July 1, 2050; provided that section 2 shall apply to taxable years beginning after December 31, 2025.
Report Title:
Mandatory Tax Credit; Emergency and Budget Reserve Fund; Other Post-employment Benefits Trust Fund; Constitution; Appropriations
Description:
Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii State Constitution. Appropriates moneys. Effective 7/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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THE SENATE |
S.B. NO. |
2600 |
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THIRTY-THIRD LEGISLATURE, 2026 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the general fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(1) Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;
(2) Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or
(3) Appropriate general funds for the pre-payment of either or both of the following, as provided by law:
(A) Debt service for general obligation bonds issued by the State; or
(B) Pension or other post-employment benefit liabilities accrued for state employees.
The legislature finds that the necessary factors have been met for two successive fiscal years and that the legislature is constitutionally required to dispose of excess tax revenues, as authorized under article VII, section 6, of the Hawaii State Constitution.
Accordingly, the purpose of this Act is to implement article VII, section 6, of the Hawaii State Constitution by:
(1) Providing an income tax credit of $ , multiplied by the number of a taxpayer's qualified exemptions, to every resident individual taxpayer of the State to satisfy constitutionally mandated requirements;
(2) Making a deposit of $ into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes; and
(3) Making a deposit of $ into the other post‑employment benefits trust fund established under section 87A-42, Hawaii Revised Statutes.
SECTION 2. (a) There shall be allowed each resident individual taxpayer who files an individual income tax return for the 2026 taxable year and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes, a general income tax credit of $ , which shall be deducted from income tax liability computed under chapter 235, Hawaii Revised Statutes; provided that a resident individual who has no income or no income taxable under chapter 235, Hawaii Revised Statutes, and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes may claim this credit.
(b) Each resident individual taxpayer may claim the general income tax credit multiplied by the number of qualified exemptions to which the taxpayer is entitled.
(c) Each person for whom the general income tax credit is claimed shall have been a resident of the State, as defined in section 235-1, Hawaii Revised Statutes, for at least nine months regardless of whether the qualified resident was physically in the State for nine months. Multiple exemptions shall not be granted for the general income tax credit because of age or deficiencies in vision, hearing, or other disability.
(d) The general income tax credit shall not be available to any:
(1) Person who has been convicted of a felony and who has been committed to prison and has been physically confined for the full taxable year;
(2) Person who would otherwise be eligible to be claimed as a dependent but who has been committed to a youth correctional facility and has resided at the facility for the full taxable year; or
(3) Misdemeanant who has been committed to jail and has been physically confined for the full taxable year.
(e) The tax credit claimed by a resident taxpayer pursuant to this section shall be deductible from the resident taxpayer's individual income tax liability for the 2026 taxable year. If the tax credit claimed by a resident taxpayer exceeds the amount of income tax payment due from the resident taxpayer, the excess of credits over payments due shall be refunded to the resident taxpayer; provided that a tax credit properly claimed by a resident individual who has no income tax liability shall be paid to the resident individual.
(f) All claims for tax credits under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credits may be claimed. Failure to comply with this filing requirement shall constitute a waiver of the right to claim the credit.
SECTION 3. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the other post-employment benefits trust fund established under section 87A-42, Hawaii Revised Statutes.
SECTION 4. In accordance with article VII, section 6, of the Hawaii State Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes.
SECTION 5. This Act shall take effect on July 1, 2026; provided that section 2 shall apply to taxable years beginning after December 31, 2025.
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INTRODUCED BY: |
_____________________________ |
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Report Title:
Mandatory Tax Credit; Emergency and Budget Reserve Fund; Other Post-employment Benefits Trust Fund; Constitution; Appropriations
Description:
Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii State Constitution. Appropriates moneys.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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Date
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Status
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| Jul 15, 2026 | Act 265, on 07/15/2026 (Gov. Msg. No. 1368). |
| Jul 15, 2026 | Act 265, 07/15/2026 (Gov. Msg. No. 1368). |
| Jul 15, 2026 | Vetoed on 07/15/26 (Gov. Msg. No. 1360), line-item appropriations veto. |
| Jul 15, 2026 | Vetoed (Gov. Msg. #1360), various appropriations throughout the bill. |
| Jun 26, 2026 | Notice of intent to veto (Gov. Msg. No. 1264) |
| Jun 26, 2026 | Notice of Intent to veto dated 06/26/2026 (Gov. Msg. No. 1264) |
| May 8, 2026 | Enrolled to Governor. |
| May 8, 2026 | Received notice of passage on Final Reading in House (Hse. Com. No. 888). |
| May 6, 2026 | Received notice of Final Reading (Sen. Com. No. 816). |
| May 6, 2026 | Passed Final Reading, as amended (CD 1). Ayes, 25; Aye(s) with reservations: none . 0 No(es): none. 0 Excused: none. |
| May 6, 2026 | Passed Final Reading as amended in CD 1 with none voting aye with reservations; none voting no (0) and none excused (0). |
| May 1, 2026 | Forty-eight (48) hours notice Wednesday, 05-06-26. |
| May 1, 2026 | Reported from Conference Committee (Conf Com. Rep. No. 123-26) as amended in (CD 1). |
| May 1, 2026 | 48 Hrs. Notice (as amended CD 1) 05-06-26. |
| May 1, 2026 | Reported from Conference Committee as amended CD 1 (Conf. Com. Rep. No. 123-26). |
| May 1, 2026 | The Conference Committee recommends that the measure be Passed, with Amendments. The votes were as follows: 2 Ayes: Representative(s) Takenouchi, Kitagawa; Ayes with reservations: none; 0 Noes: none; and 1 Excused: Representative(s) Gedeon. |
| May 1, 2026 | The Conference committee recommends that the measure be PASSED, WITH AMENDMENTS. The votes of the Senate Conference Managers were as follows: 2 Aye(s): Senator(s) Moriwaki, Kanuha; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Fevella. |
| May 1, 2026 | Conference committee meeting to reconvene on 05-01-26 3:30 PM; Conference Room 309. |
| May 1, 2026 | Conference committee meeting to reconvene on 05-01-26 1:00 PM; Conference Room 309. |
| Apr 30, 2026 | Conference committee meeting to reconvene on 05-01-26 11:00AM; Conference Room 309. |
| Apr 29, 2026 | Conference committee meeting scheduled for 04-30-26 11:00AM; CR 309. |
| Apr 20, 2026 | Received notice of Senate conferees (Sen. Com. No. 714). |
| Apr 20, 2026 | Senate Conferees Appointed: Moriwaki Chair; Kanuha, Fevella. |
| Apr 20, 2026 | Received notice of appointment of House conferees (Hse. Com. No. 787). |
| Apr 20, 2026 | House Conferees Appointed: Takenouchi Chair; Kitagawa, Gedeon. |
| Apr 16, 2026 | Received notice of disagreement (Sen. Com. No. 710). |
| Apr 16, 2026 | Senate disagrees with House amendments. |
| Apr 16, 2026 | Received from House (Hse. Com. No. 679). |
| Apr 14, 2026 | Passed Third Reading with Representative(s) Iwamoto voting aye with reservations; none voting no (0) and Representative(s) Quinlan excused (1). Transmitted to Senate. |
| Apr 9, 2026 | Passed Second Reading as amended in HD 1; placed on the calendar for Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran excused (1). |
| Apr 9, 2026 | Reported from FIN (Stand. Com. Rep. No. 1989-26) as amended in HD 1, recommending passage on Second Reading and placement on the calendar for Third Reading. |
| Apr 7, 2026 | The committee on FIN recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 16 Ayes: Representative(s) Todd, Takenouchi, Hartsfield, Hussey, Keohokapu-Lee Loy, Kitagawa, Kusch, Lee, M., Miyake, Morikawa, Perruso, Templo, Yamashita, Alcos, Gedeon, Reyes Oda; Ayes with reservations: none; 0 Noes: none; and 0 Excused: none. |
| Apr 2, 2026 | Bill scheduled to be heard by FIN on Tuesday, 04-07-26 2:00PM in House conference room 308 VIA VIDEOCONFERENCE. |
| Mar 12, 2026 | Referred to FIN, referral sheet 17 |
| Mar 12, 2026 | Pass First Reading |
| Mar 10, 2026 | Received from Senate (Sen. Com. No. 268) in amended form (SD 1). |
| Mar 10, 2026 | Passed Third Reading, as amended (SD 1). Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House. |
| Mar 5, 2026 | 48 Hrs. Notice 3/10/2026. |
| Mar 5, 2026 | Report adopted; Passed Second Reading, as amended (SD 1). |
| Mar 5, 2026 | Reported from WAM (Stand. Com. Rep. No. 2818) with recommendation of passage on Second Reading, as amended (SD 1) and placement on the calendar for Third Reading. |
| Mar 2, 2026 | The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in WAM were as follows: 13 Aye(s): Senator(s) Dela Cruz, Moriwaki, DeCoite, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Kim, Lee, C., Richards, Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none. |
| Feb 27, 2026 | The committee(s) on WAM has scheduled a public hearing on 03-02-26 10:00AM; Conference Room 211 & Videoconference. |
| Jan 28, 2026 | Referred to WAM. |
| Jan 23, 2026 | Passed First Reading. |
| Jan 23, 2026 | Introduced. |
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Date
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Description
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Location
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Votes
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| May 6, 2026 | Final Reading | Senate Floor |
Passed |
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| May 6, 2026 | Final Reading | House Floor |
Passed |
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| Apr 14, 2026 | Third Reading | House Floor |
Passed |
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| Apr 7, 2026 | The committee on FIN recommend that the measure be PASSED, WITH AMENDMENTS | House Standing Committee on Finance |
Passed |
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| Mar 10, 2026 | Third Reading | Senate Floor |
Passed |
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| Mar 2, 2026 | The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS | Senate Standing Committee on Ways and Means |
Passed |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
STAND. COM. REP. NO. 2818
Honolulu, Hawaii
RE: S.B. No. 2600
S.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Third State Legislature
Regular Session of 2026
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 2600 entitled:
"A BILL FOR AN ACT RELATING TO THE GENERAL FUND,"
begs leave to report as follows:
The purpose and intent of this measure is to dispose of excess general fund revenues pursuant to Article VII, section 6 of the Hawaii State Constitution.
More specifically, this measure:
(1) Provides an income tax credit to taxpayers;
(2) Authorizes deposits to the Emergency and Budget Reserve Fund and Other Post-Employment Benefits Trust Fund; and
(3) Appropriates moneys for the tax credits and deposits.
Your Committee received comments on this measure from the Department of Taxation and the Tax Foundation of Hawaii.
Your Committee finds that the timely passage of this measure aligns with the requirement to dispose of excess general fund revenues pursuant to Article VII, section 6 of the Hawaii State Constitution.
Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the measure.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2600, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2600, S.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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________________________________ DONOVAN M. DELA CRUZ, Chair |
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Date
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Testimony PDF
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| Apr 7, 2026 | SB2600_SD1_TESTIMONY_FIN_04-07-26_.PDF |
| Mar 2, 2026 | SB2600_TESTIMONY_WAM_03-02-26_.PDF |
Bill Author
Bill Co-Author(s):