Hawaii SB374 mandates economic impact analyses and independent audits for counties issuing tax increment bonds.

Hawaii SB374 aims to enhance the use of tax increment financing (TIF) in the state by imposing several requirements on counties issuing tax increment bonds. The bill requires counties to commission a comprehensive economic impact analysis before issuing such bonds, focusing on job creation, housing affordability, tax revenue implications, and environmental sustainability. These analyses must be made publicly available. Additionally, counties must conduct independent audits every two years to assess the fiscal health and compliance of TIF projects, with the audit reports also made public.

Hawaii SB374 mandates economic impact analyses and independent audits for counties issuing tax increment bonds.

Hawaii SB374 aims to enhance the use of tax increment financing (TIF) in the state by imposing several requirements on counties issuing tax increment bonds. The bill requires counties to commission a comprehensive economic impact analysis before issuing such bonds, focusing on job creation, housing affordability, tax revenue implications, and environmental sustainability. These analyses must be made publicly available. Additionally, counties must conduct independent audits every two years to assess the fiscal health and compliance of TIF projects, with the audit reports also made public.