SB 1395 Hawaii Senate · 2026 Regular Session

RELATING TO STATE FUNDS.

Summary

Allocates interest earned on balances within the emergency and budget reserve fund to the general fund in years in which the emergency and budget reserve fund's balance exceeds the State's fund balance objective. For any fiscal year following a fiscal year in which emergency and budget reserve fund interest is deposited into the general fund, requires the Governor to include in the budget or supplemental budget submitted to the Legislature a request that an amount of general funds equal to the amount of interest deposited be expended to advance projects that address climate change impacts. Effective 7/1/3000. (HD1)

Issues: ✓ Budget & Taxes

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Jan 21, 2025 Last action Dec 8, 2025

Maddy AI version diff · 3 comparisons

What changed between versions

SB1395_SD1 → SB1395_SD2 · 4 edits

MODERATE

The bill was significantly rewritten to shift its primary mechanism from creating a new special fund to a mandate for the Governor to request general funds from the legislature. The original version established a permanent 'Climate Mitigation and Resiliency Special Fund' funded by interest and taxes, while the new version requires the Governor to request an amount of general funds equal to any interest deposited into the General Fund for climate projects. Additionally, the effective date was moved from an immediate start to July 1, 2050, and the specific allocation priorities for tourism and conservation funds were removed.

Scope change

The bill's scope changed from establishing a permanent, self-funded special account to a temporary budgetary request process dependent on the Emergency and Budget Reserve Fund's performance. It also removed specific mandates for allocating funds to the Turtle Bay conservation easement fund, the convention center fund, and the special land development fund.

FISCAL

The primary funding mechanism changed from a new 'Climate Mitigation and Resiliency Special Fund' to a requirement for the Governor to request general funds equal to interest deposited into the General Fund.

REQUIREMENT

Removed specific statutory requirements to allocate revenues to the Turtle Bay conservation easement fund, the convention center enterprise fund, and the special land development fund.

TIMELINE

The effective date of the Act was changed from an immediate start to July 1, 2050.

ELIGIBILITY

Changed the source of funds for climate projects from a dedicated special fund to general funds requested by the Governor in the annual budget.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 14, 2025

Committee

Reported from EEP (Stand. Com. Rep. No. 1248) as amended in HD 1, recommending passage on Second Reading and referral to WAL.

lower

Mar 13, 2025

Lower · Passed

The committee on EEP recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 5 Ayes: Representative(s) Lowen, Perruso, Kahaloa, Kusch, Quinlan; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Ward.

lower

Mar 6, 2025

Committee

Referred to EEP, WAL, FIN, referral sheet 19

lower

Mar 4, 2025

Introduced

Received from Senate (Sen. Com. No. 321) in amended form (SD 2).

lower

Mar 4, 2025

Upper · Passed

Report Adopted; Passed Third Reading, as amended (SD 2). Ayes, 23; Aye(s) with reservations: none. Noes, 2 (Senator(s) Awa, DeCorte). Excused, 0 (none). Transmitted to House.

upper

Feb 27, 2025

Upper · Passed

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, Aquino, DeCoite, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Kim, Lee, C., Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 21, 2025

Upper · Passed

The committee(s) on WAM will hold a public decision making on 02-27-25 10:30AM; Conference Room 211 & Videoconference.

upper

Feb 11, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

upper

Feb 11, 2025

Committee

Reported from AEN (Stand. Com. Rep. No. 268) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Feb 3, 2025

Upper · Passed

The committee(s) on AEN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in AEN were as follows: 3 Aye(s): Senator(s) Gabbard, Richards, Rhoads; Aye(s) with reservations: none ; 1 No(es): Senator(s) Awa; and 1 Excused: Senator(s) DeCoite.

upper

Jan 31, 2025

Upper · Passed

The committee(s) on AEN has scheduled a public hearing on 02-03-25 1:02PM; Conference Room 224 & Videoconference.

upper

Jan 27, 2025

Committee

Referred to AEN, WAM.

upper

Jan 23, 2025

Introduced

Introduced and passed First Reading.

upper

Jan 21, 2025

Introduced

Pending Introduction.

upper

1 primary · 0 co-sponsors