Mr. Speaker, I rise in opposition to SB 1144, SD1 HD2 CD1, relating to Franchise Tax Revenues.
This is another in a long line of bills that diverts money from the general fund to a special fund. We have a Constitutional duty to oversee the revenues and expenses of the State government. By passing this bill we give up that duty. In a few years there will be no general revenues left - it will all be in some special fund targeted for a particular purpose. The Hawaii Constitution requires we return excess funds to the taxpayers. By putting every dollar into a special fund, we avoid ever having to give tax money back to the taxpayers. Sadly, this is a purely theoretical and Constitutional argument - we are not going to have a surplus anytime soon.