State tourist tax by popular vacation destination would pour funds into 'climate change' mitigation
A new bill in Hawaii has passed the Senate in The Aloha State to raise the tourist tax in an effort to "reduce climate change."
Senate Bill 1396 aims to raise the tourist tax on hotels to 11% starting Jan. 1 — and it would then increase to 12% the following year, according to the text of the bill.
Portions of the revenue raised would go into the "Climate Mitigation and Resiliency Special Fund" and the "Economic Development and Revitalization Special Fund," according to the bill.
Funds to the "Climate Mitigation and Resiliency Special Fund" may be used for projects that mitigate, adapt to or increase resiliency against climate change, along with funding consultants and personnel.
Experts say Hawaii is believed to be the first U.S. state to "undertake such action," according to Travel Tomorrow.
"The legislature further finds that given the scale and impact of the climate emergency, the state must invest in bold actions to prepare for, mitigate, and adapt to climate change, including resiliency to intensifying natural disasters," according to the bill's text.
In August 2023, a fire spread through Lahaina, killing 101 people. The fire was caused by electric equipment damaged by high winds, Fox News Digital reported earlier.
It killed at least 102 people and caused more than $5 billion in damage.
Hawaii already has a 10.25% tax on short-term rentals. Hawaii's counties each add their own 3% surcharge on top of the state's tax, according to FOX 13.
"Hawaii already imposes what some believe are high taxes on the hospitality sector and short-term stays," said Travel Tomorrow.
"On top of the new rate of 11%, various Hawaii counties add a 3% tax. There is also a combined rate of nearly 5% on goods and services, making a total duty of nearly 19%."
State Representative Adrian Tam shared his support for the bill at a session on Friday.
"Our residents and communities deserve to be protected," said Tam.
He added, "As we continue to invite visitors to Hawaii to share the beauty of this land, this bill is a huge step in ensuring adequate funding is set aside to steward and protect our delicate ecosystems for visitors, our constituents and communities for generations to come."
In 2023, 9.6 million visitors traveled to Hawaii, according to the Hawaii Tourism Authority.
Gov. Josh Green (D) has reportedly said that he plans to sign the bill into law.
Fox News Digital reached out to Gov. Green's office and the Hawaii Tourism Authority for additional comment.
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We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Before you invest in an annuity, it's important to do the math and know how much you could get in return each month. Getty Images Amid today's unusual economic environment, many retirees and near-retirees are shifting their retirement planning from growth to stability. With market instability becoming more common, inflation eating away at spending power and interest rates stuck at higher-than-normal levels, having a reliable stream of retirement income can bring peace of mind, and that's where annuities come into play. These financial products turn a lump sum of savings into steady monthly payments for life (or for a set period), making them a popular choice for people who want predictability. But figuring out exactly how much income you'll receive from an annuity isn't always a straightforward process. There's no universal answer for what your annuity payments will be, as the monthly payments depend heavily on a variety of factors, including your age, the amount you invest, the type of annuity you choose and even the current interest rate environment. That can complicate things a bit in terms of estimating the payouts Still, there are ways to get a clear idea of what your monthly annuity payment would be. Below, we'll illustrate how to figure out what your annuity might pay you each month, plus a few shortcuts to help you run the numbers quickly. Find out how to add an annuity to your retirement portfolio now. How to determine what your monthly annuity payout will be Before we do the math, let's break down the key factors that help determine your monthly annuity payout, which include: Your initial investment amount The more money you invest in an annuity, the larger your monthly payout will be. For example, a $500,000 annuity will generate more monthly income than a $250,000 annuity, all else being equal. Most insurance companies offer online calculators to give you quick estimates based on the lump sum you plan to invest. Find the right annuity options for your retirement portfolio today. Your age at the time of purchase The older you are when you start receiving payments, the higher those payments will be, as the insurance company expects to make payments for fewer years. For instance, someone who buys an immediate annuity at 70 will generally receive a higher monthly income than someone who buys the same annuity at 60. Gender (in some cases) Women tend to live longer than men, and annuity providers account for that in their payment formulas. As a result, female annuitants often receive slightly lower monthly payments than males of the same age, all other factors being equal. Some companies use unisex rates, but many still apply gender-based pricing. Type of annuity There are many types of annuities and each affects your monthly income differently: Immediate fixed annuities : You pay a lump sum and start receiving payments right away, offering you stable, predictable monthly income. : You pay a lump sum and start receiving payments right away, offering you stable, predictable monthly income. Deferred annuities : These let your investment grow tax-deferred for a set number of years before payouts begin. You can opt for a lump sum or convert the account into guaranteed monthly income. : These let your investment grow tax-deferred for a set number of years before payouts begin. You can opt for a lump sum or convert the account into guaranteed monthly income. Variable or indexed annuities: These offer the potential for higher income based on market performance but may also come with more risk or fees. Current interest rate environment Interest rates impact how much insurers are willing to pay you each month. When rates are high, annuity payouts tend to be higher because insurers can earn more from investing your premium. Conversely, low-rate environments often mean lower payouts. How to estimate your annuity payout While insurers use complex actuarial models, there are a couple of basic financial formulas that can help you estimate monthly payments from a fixed immediate annuity. Here's what they are: A simplified version based on common assumptions If you're just trying to get a rough idea of your monthly annuity payout, this formula offers a quick shortcut: Estimated monthly payout ≈ (Investment amount) ÷ (Payout period in months) Note, though, that this only works well for fixed-period annuities (e.g., "pay me for 20 years") and assumes no interest growth. In other words, this method underestimates your payout compared to real annuities, because actual annuities include interest growth and mortality credits. So, this formula is typically best used as a conservative baseline. A rule-of-thumb multiplier for lifetime annuities If you don't want to mess with complex formulas, there's an easy way to estimate your monthly annuity income — especially for lifetime fixed annuities. Here's how it works: Insurance companies generally pay you somewhere between 0.6% and 1% of your investment per month, depending on how old you are when the payments begin. The older you are, the higher the percentage because your expected payout period is shorter. And here's the formula: Monthly income ≈ Investment amount × Age-based percentage Retirees in their mid‑60s to mid‑80s shopping for immediate annuities today can expect annual payout rates of roughly 6.5% to 10.5%, depending on age and payout option. To convert that to a monthly percentage, you divide by 12, so a 7.6% annual rate, for example, becomes approximately 0.63% per month. Here's a simple breakdown of how those percentages could shake out for single-life annuities: Payments that start at age 60: 0.60% Payments that start at age 65: 0.68% Payments that start at age 70: 0.76% Payments that start at age 75: 0.85% Payments that start at age 80: 0.95% So, if you're 70 and buy a $300,000 annuity, you can estimate your monthly payout like this: $300,000 × 0.76% = $2,280 per month Remember, though, that these estimates apply to single-life immediate fixed annuities without extra features. If you opt for a joint annuity or include a refund or inflation rider, your monthly income will likely be lower. The bottom line Annuities can be a smart way to create steady, predictable income in retirement, but figuring out exactly how much you'll receive each month takes a bit of digging. While there's no universal formula that applies to everyone, using tools like age-based payout estimates or simple math shortcuts can give you a reliable starting point. Just keep in mind that real payouts depend on more than just your investment amount. Your age, the type of annuity you choose, and any added features like spousal benefits or inflation protection can all change the final number. That's why it's smart to request quotes from multiple insurers and review them side by side before making a decision.
