HONOLULU (KHON2) -- The Lunar New Year is celebrated by millions across the world and is one of the most significant holidays in Asian cultures. But it's not officially recognized in Hawaii. That could soon change. Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You From colorful lion dances to red lanterns and firecrackers symbolizing good luck, Lunar New Year is a cherished tradition in many Asian cultures. According to the state legislature, more than 37 percent of Hawaii's population, or over 500,000 residents, is of Asian descent. Year of the snake honored at Chinese New Year celebration "We have the oldest Chinese American community in the country and one of the largest Asian American communities in the country," said State Senator Stanley Chang. Chang has introduced a bill this session to designate Lunar New Year as a state holiday. This year carries added significance: it marks the 235th anniversary of the first Asian immigrants arriving in Hawaii. "And I think it's an important way to help celebrate the cultural traditions of so many of our island residents," said Chang. The bill could face some tough challenges, as adding new holidays to Hawaii's official calendar has historically been difficult. Juneteenth was officially recognized in 2021 as a day of reflection, but not a holiday in Hawaii. Hawaii Government Employees Association, the state's largest employee union, has no position on the bill, but said it will monitor it closely to see how the proposal would impact other holidays on the calendar. Supporters of the proposal said the benefits would outweigh any costs. They point to the economic boost a Lunar New Year holiday would bring to local businesses. "I think a lot of retail stores and also businesses restaurants can really benefit from it, because definitely during the holidays, sales are increased because it's a happy time. It's a joyful time where everyone wants to celebrate together and give gifts to friends and family," said Nancy Cheung, owner of Happy Wahine. "As the generations go by, having a holiday like this would also bring back a lot of tradition, which can be lost over the generations," said Gabriel Lee, President-elect for the Chinese Chamber of Commerce of Hawaii. Find more Hawaii, Oahu, Maui and Kauai news here If the bill passes, we would join New York and California in officially recognizing Lunar New Year.