Representative Jon Riki Karamatsu
Written Remarks (Forgot to stand up on the floor to insert these comments into the House journal)
Senate Bill 2807, Senate Draft 2, House Draft 2, Conference Draft 1
Proposing an Amendment to Article VII, Section 6, of the Hawaii Constitution, Relating to the Tax Rebate Requirement
Tuesday, April 27, 2010
58th Day, Final Reading
Ordinary Calendar
Mr. Speaker, I rise in support.
This bill proposes a constitutional amendment to article VII, section 6, of the Hawaii Constitution to authorize the Legislature to determine whether excess funds should be used as tax refunds or tax credits to taxpayers of the State or diverted to one or more funds to serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue. If this bill passes and is approved by the voters of Hawaii, the Legislature will be able to better prepare for future economic downturns by setting aside more money during the good economic times instead of returning funds to the tax payers through a tax refund or tax credit as required by the current language of our Hawaii Constitution. It is in my long term goal to make Hawaii a top economy per capita and have a large enough reserve fund to better protect Hawaii in even the worst economic conditions that could occur in the future.
Thank you.
JON RIKI KARAMATSU 