SB2808 • 2026

RELATING TO THE BUDGET.

Budget Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: DELA CRUZ, HASHIMOTO, KIDANI
Last action: 2026-05-01
Official status: Conference committee meeting to reconvene on 05-01-26 4:30 PM; Conference Room 309.
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

RELATING TO THE BUDGET.

What This Bill Does

RELATING TO THE BUDGET.
B&F Defeasement Trust Fund; Tax-Exempt Bonds; State Facilities; Private Use; Appropriation ($) Establishes the Defeasement Trust Fund within the Department of Budget and Finance for the defeasement of tax-exempt bonds to allow private use of state facilities financed by tax-exempt bonds.
Requires the Department to consult with bond counsel before defeasement.
Appropriates moneys in and out of the Defeasement Trust Fund for defeasement of certain tax-exempt bonds.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HD1

Hawaii published version HD1

Plain English: SB2808 HD1 THE SENATE S.B.

SB2808 HD1 THE SENATE S.B.
NO.
2808 THIRTY-THIRD LEGISLATURE, 2026 S.D.
1 STATE OF HAWAII H.D.

SD1

Hawaii published version SD1

Plain English: SB2808 SD1 THE SENATE S.B.

SB2808 SD1 THE SENATE S.B.
NO.
2808 THIRTY-THIRD LEGISLATURE, 2026 S.D.
1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO THE BUDGET .

Bill History

2026-05-01 S
Conference committee meeting to reconvene on 05-01-26 4:30 PM; Conference Room 309.
2026-05-01 S
Conference committee meeting to reconvene on 05-01-26 3:30 PM; Conference Room 309.
2026-05-01 S
Conference committee meeting to reconvene on 05-01-26 1:00 PM; Conference Room 309.
2026-04-30 S
Conference committee meeting to reconvene on 05-01-26 11:00AM; Conference Room 309.
2026-04-29 S
Conference committee meeting scheduled for 04-30-26 11:00AM; CR 309.
2026-04-20 H
Received notice of Senate conferees (Sen. Com. No. 714).
2026-04-20 S
Senate Conferees Appointed: Moriwaki Chair; Hashimoto, Fevella.
2026-04-20 S
Received notice of appointment of House conferees (Hse. Com. No. 787).
2026-04-20 H
House Conferees Appointed: Takenouchi Chair; Kitagawa, Gedeon.
2026-04-16 H
Received notice of disagreement (Sen. Com. No. 710).
2026-04-16 S
Senate disagrees with House amendments.
2026-04-16 S
Received from House (Hse. Com. No. 704).
2026-04-14 H
Passed Third Reading with Representative(s) Iwamoto voting aye with reservations; none voting no (0) and Representative(s) Quinlan excused (1). Transmitted to Senate.
2026-04-09 H
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).
2026-04-09 H
Reported from FIN (Stand. Com. Rep. No. 1988-26) as amended in HD 1, recommending passage on Second Reading and placement on the calendar for Third Reading.
2026-04-07 H
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.
2026-04-02 H
Bill scheduled to be heard by FIN on Tuesday, 04-07-26 2:00PM in House conference room 308 VIA VIDEOCONFERENCE.
2026-03-12 H
Referred to FIN, referral sheet 17
2026-03-12 H
Pass First Reading
2026-03-10 H
Received from Senate (Sen. Com. No. 302) in amended form (SD 1).
2026-03-10 S
Passed Third Reading, as amended (SD 1). Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House.
2026-03-05 S
48 Hrs. Notice 3/10/2026.
2026-03-05 S
Report adopted; Passed Second Reading, as amended (SD 1).
2026-03-05 S
Reported from WAM (Stand. Com. Rep. No. 2875) with recommendation of passage on Second Reading, as amended (SD 1) and placement on the calendar for Third Reading.
2026-03-04 S
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.
2026-03-02 S
The committee(s) on WAM deferred the measure until 03-04-26 10:32AM; Conference Room 211 & Videoconference.
2026-02-27 S
The committee(s) on WAM has scheduled a public hearing on 03-02-26 10:00AM; Conference Room 211 & Videoconference.
2026-01-30 S
Referred to WAM.
2026-01-26 S
Passed First Reading.
2026-01-23 S
Introduced.

Official Summary Text

RELATING TO THE BUDGET.
B&F Defeasement Trust Fund; Tax-Exempt Bonds; State Facilities; Private Use; Appropriation ($)
Establishes the Defeasement Trust Fund within the Department of Budget and Finance for the defeasement of tax-exempt bonds to allow private use of state facilities financed by tax-exempt bonds. Requires the Department to consult with bond counsel before defeasement. Appropriates moneys in and out of the Defeasement Trust Fund for defeasement of certain tax-exempt bonds. Effective 7/1/3000. (HD1)

Current Bill Text

Read the full stored bill text

SB2808

THE SENATE

S.B. NO.

2808

THIRTY-THIRD LEGISLATURE, 2026

STATE OF HAWAII

A BILL FOR AN ACT

RELATING
TO THE BUDGET
.

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

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SECTION 1.
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The
legislature finds that state facilities can be used for both public and private
activities to further the economic development of the State.
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Full use of these facilities provides the
maximum benefit to the community.

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The legislature recognizes that the
Internal Revenue Service has previously determined that facilities financed
with tax-exempt bonds may not be used for private activities.
�
Accordingly, the purpose of this Act is to
promote the private use of state facilities by creating a trust fund to address
tax‑exempt bond payments.

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SECTION 2.
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Chapter 39, Hawaii Revised Statutes, is amended by adding a new section
to part VII to be appropriately designated and to read as follows:

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"
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39-
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Defeasement fund; established.
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(a)
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There is established within the department of budget and finance a defeasement
trust fund into which shall be deposited appropriations made by the
legislature.
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The defeasement trust fund
shall be administered by the department of budget and finance and shall be used
to take all actions necessary to defease tax-exempt bonds to allow the private use
of state facilities that are financed by tax-exempt bonds.
"

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(b)
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The defeasement trust fund shall be terminated upon the full payment of
all outstanding obligations under the tax-exempt bonds subject to defeasement.
�
Upon termination, any moneys in the
defeasement trust fund shall lapse to the general fund.

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SECTION 3.
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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 to be deposited into
the defeasement trust fund for the defeasement of certain tax-exempt bonds.

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The sum appropriated shall be expended by
the department of budget and finance for the purposes of this Act.

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SECTION 4.
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New statutory material is underscored.

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SECTION 5.
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This Act shall take effect on July 1, 2026.

INTRODUCED BY:

_____________________________

Report Title:

B&F;
Defeasement Trust Fund; Tax-Exempt Bonds; State Facilities; Private Use

Description:

Establishes
the Defeasement Trust Fund within the Department of Budget and Finance for the defeasement
of tax-exempt bonds to allow private use of state facilities financed by
tax-exempt bonds.

The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.