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House Water & Land panel defers bill to direct interest toward climate mitigation, keeping funds in rainy-day reserve
Summary
The committee deferred SB1395 SD2 HD1, which would have directed state fund interest toward climate mitigation and resilience; chair cited federal budget uncertainty and recommended keeping the interest in the state rainy-day fund.
Chair Mark Asham said the committee will defer SB1395 SD2 HD1, a proposal to direct interest earnings from state funds toward climate mitigation and resiliency projects.
The bill drew supportive written testimony from state agencies and the governor’s office. Will Kane, senior adviser for Governor Green, told the committee his office stands in support and was available to answer questions. Tom Yamachika of the Tax Foundation of Hawaii urged the committee not to “go back to the original version,” saying earlier amendments were made to ensure the proposed special fund would comply with Section 37-52.3.
Representative Shimizu asked whether the governor could allocate the interest without the bill. Kane answered that the governor does not have that authority: under the existing Emergency and Budget Reserve Fund (the rainy-day fund), appropriation requires a two-thirds vote of both legislative chambers.
At the resumed session, Asham said federal budget uncertainty means the legislature should retain available cash and recommended deferral. "Chair's recommendation is to defer," he said. The committee did not adopt the bill and will leave it available for the next biennium.
Why it matters: supporters framed the proposal as a novel funding source for climate mitigation and resiliency; opponents and the chair expressed concern about committing state cash during federal budget uncertainty. Written testimony shows multiple organizations backing the measure but the committee prioritized fiscal flexibility.
Ending: Because the chair recommended deferral and the committee left the bill alive for the next session, SB1395 may return for consideration in a future hearing once fiscal conditions are clearer.
