HACBED
2008
Asset Policy Legislation
State Earned Income Tax Credit (EITC)
HB 2379
SB 2240
This bill does the following:
Splitting of Tax Refunds
SB 2838
This bill allows an individual taxpayer to request that the taxpayers state refund be electronically deposited into up to three checking or savings accounts.
Adoption of the Self Sufficiency Standard (SSS)
HB 2203
HB 2184
SB 2840
This bill requires the Department of Business, Economic Development, and Tourism (DBEDT) to create the Self Sufficiency Standard and update it every two years.
Fund Individual Development Accounts (IDAs)
HB 2046
HB 2047
SB 2837
This bill provides funding, including TANF utilization, to fund IDA programs.
Financial Education and Asset-Building Task Force
HB 2280
SB 2839
This bill appropriates funds for the creation of a taskforce and coordinator that would explore the following:
Funds for CBED Program
HB 2228
SB 2197
This bill appropriates $500,000 into the Hawaii community-based economic development revolving fund to financially assist qualifying community-based organizations statewide.
For complete update and status of bills, please check out the Hawai`i State Legislature's website http://www.capitol.hawaii.gov/
State Earned Income Tax Credit (EITC)
HB 2379
SB 2240
This bill does the following:
- Creates a 20% state EITC,
- Rewards work and makes work pay, and families.
- Is the most efficient and cheapest form of tax relief to low income working families.
Splitting of Tax Refunds
SB 2838
This bill allows an individual taxpayer to request that the taxpayers state refund be electronically deposited into up to three checking or savings accounts.
- Tax refund time is often the only time when families have a significant amount of disposable income.
- Research shows that
allowing the splitting of refunds increases
saving, especially those that have never
previously saved any of their refunds.
Adoption of the Self Sufficiency Standard (SSS)
HB 2203
HB 2184
SB 2840
This bill requires the Department of Business, Economic Development, and Tourism (DBEDT) to create the Self Sufficiency Standard and update it every two years.
- SSS
is a better measure of what it costs to be self
sufficient by including housing costs.
Fund Individual Development Accounts (IDAs)
HB 2046
HB 2047
SB 2837
This bill provides funding, including TANF utilization, to fund IDA programs.
- IDAs
are matched savings accounts (2:1 to 4:1) that
are proven to increase savings towards buying a
home, starting a business, or higher education
costs.
Financial Education and Asset-Building Task Force
HB 2280
SB 2839
This bill appropriates funds for the creation of a taskforce and coordinator that would explore the following:
- develop policy recommendations on universal, matched childrens savings accounts,
- statewide standards for financial and economic education for public and private sector employees, and
- the
elimination of asset limits.
Funds for CBED Program
HB 2228
SB 2197
This bill appropriates $500,000 into the Hawaii community-based economic development revolving fund to financially assist qualifying community-based organizations statewide.
For complete update and status of bills, please check out the Hawai`i State Legislature's website http://www.capitol.hawaii.gov/