Report Title:

Education; State Educational Facilities Improvement Special Fund

Description:

Increases the funds deposited to the state educational facilities improvement special fund.

HOUSE OF REPRESENTATIVES

H.B. NO.

1891

TWENTY-THIRD LEGISLATURE, 2006

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to education.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 237-31, Hawaii Revised Statutes, is amended to read as follows:

"§237-31 Remittances. All remittances of taxes imposed by this chapter shall be made by money, bank draft, check, cashier's check, money order, or certificate of deposit to the office of the department of taxation to which the return was transmitted. The department shall issue its receipts therefor to the taxpayer and shall pay the moneys into the state treasury as a state realization, to be kept and accounted for as provided by law; provided that:

(1) The sum from all general excise tax revenues realized by the State that represents the difference between [$45,000,000] $ and the proceeds from the sale of any general obligation bonds authorized for that fiscal year for the purposes of the state educational facilities improvement special fund shall be deposited in the state treasury in each fiscal year to the credit of the state educational facilities improvement special fund[;] for public school capital improvement program needs;

(2) The sum from all general excise tax revenues realized by the State that represents the difference between $      and the proceeds from the sale of any general obligation bonds authorized for that fiscal year for the purposes of the state educational facilities improvement special fund shall be deposited in the state treasury in each fiscal year to the credit of the state educational facilities improvement special fund for bond-funded repair and maintenance projects at public schools;

(3) The sum from all general excise tax revenues realized by the State in the amount of $      shall be deposited in the state treasury in each fiscal year to the credit of the state educational facilities improvement special fund for cash-funded repair and maintenance projects at public schools;

[(2)] (4) A sum, not to exceed $5,000,000, from all general excise tax revenues realized by the State shall be deposited in the state treasury in each fiscal year to the credit of the compound interest bond reserve fund; and

[(3)] (5) A sum, not to exceed the amount necessary to meet the obligations of the integrated tax information [management] systems performance-based contract may be retained and deposited in the state treasury to the credit of the integrated tax information management systems special fund. The sum retained by the director of taxation for deposit to the integrated tax information management systems special fund for each fiscal year shall be limited to amounts appropriated by the legislature. This paragraph shall be repealed on July 1, 2005."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2007; provided that on June 30, 2008, section 1 of this Act shall be repealed and section 237-31, Hawaii Revised Statutes, is reenacted in the form in which it read on the day before the approval of this Act.

INTRODUCED BY:

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