Hawaii Revised Statutes Division 1. Government § 39C-4

In the event that federal tax law permits all or any portion of the state ceiling or allocations thereof to be carried forward for future use, the director of finance of each county or any other issuer that has received state ceiling allocations that have not been applied as of December 15, or fifteen days prior to the end of the period during which the allocation must be used or carried forward under federal tax law, shall report to the department the amount of allocation that has not been applied and will not be applied by December 31 or such other deadline. Unless the director of finance of the county or other issuer, by written certificate, indicates to the department that it intends to carry forward all or any part of its unapplied allocation, the unapplied allocation shall revert to the State. The department, on behalf of the State, shall be entitled to carry forward the unapplied allocation together with any unapplied allocation of the State or state issuers for future allocation pursuant to section 39C-2(a).