Bill Text: HI SB2617 | 2024 | Regular Session | Amended
Bill Title: Relating To Real Property.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Engrossed) 2024-03-07 - Referred to WAL/CPC, FIN, referral sheet 16 [SB2617 Detail]
Download: Hawaii-2024-SB2617-Amended.html
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THE SENATE |
S.B. NO. |
2617 |
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THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO REAL PROPERTY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(b) To the extent feasible, the study shall include:
(1) Descriptive information detailing the laws limiting the sale of property to foreign individuals or entities and the related constitutional precedents of each jurisdiction;
(2) Identified strengths and weaknesses of each particular legislative approach; and
(3) Recommendations on whether the laws enacted by other jurisdictions could be adapted for Hawaii, to favor owner-occupied resident ownership of real property in Hawaii or interests therein.
(c) The legislative reference bureau shall submit its report to the legislature, including any proposed legislation, no later than twenty days prior to the convening of the regular session of 2025.
SECTION 2. In accordance with section 9 of article VII of the Hawaii State Constitution and sections 37-91 and 37-93, Hawaii Revised Statutes, the legislature has determined that the appropriations contained in Act 164, Regular Session of 2023, and this Act will cause the state general fund expenditure ceiling for fiscal year 2024-2025 to be exceeded by $ or per cent. This current declaration takes into account general fund appropriations authorized for fiscal year 2024-2025 in Act 164, Regular Session of 2023, and this Act only. The reasons for exceeding the general fund expenditure ceiling are that:
(1) The appropriation made in this Act is necessary to serve the public interest; and
(2) The appropriation made in this Act meets the needs addressed by this Act.
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2024-2025 for the legislative reference bureau to conduct a study of the approaches used by other states to limit the sale of property to foreign individuals or entities.
The sum appropriated shall be expended by the legislative reference bureau for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2040.
Report Title:
LRB; Foreign Individuals or Entities; Purchase of Real Property; Prohibition; Study; Report; Expenditure Ceiling; Appropriation
Description:
Requires
the Legislative Reference Bureau to conduct a study and report on the
forty-one states in the country that have enacted laws limiting the sale of
real property to foreign individuals or entities, and how those laws and
related constitutional precedents could inform demand-side regulations for the
real estate market in Hawaii in favor of resident ownership, specifically
owner-occupied resident ownership. Makes
an appropriation. Declares that the
general fund expenditure ceiling is exceeded.
Takes effect 7/1/2040. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
