Bill Text: HI HB1962 | 2016 | Regular Session | Amended
Bill Title: Rental Housing Revolving Fund; Conveyance Tax
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Introduced - Dead) 2016-02-03 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on WAL with Representative(s) Jordan voting aye with reservations; none voting no (0) and Representative(s) McKelvey excused (1). [HB1962 Detail]
Download: Hawaii-2016-HB1962-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1962 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE DISPOSITION OF THE CONVEYANCE TAX COLLECTIONS TO THE RENTAL HOUSING REVOLVING FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 247-7, Hawaii Revised Statutes, is amended to read as follows:
"§247-7 Disposition of taxes. All taxes collected under this chapter shall be paid into the state treasury to the credit of the general fund of the State, to be used and expended for the purposes for which the general fund was created and exists by law; provided that of the taxes collected each fiscal year:
(1) Ten per cent or $6,800,000, whichever is less, shall be paid into the land conservation fund established pursuant to section 173A-5; and
(2) Fifty per cent [or $38,000,000, whichever is
less,] shall be paid into the rental housing revolving fund established by
section 201H-202."
SECTION 2. Statutory material to be repealed is bracketed and stricken.
SECTION 3. This Act shall take effect on July 1, 2050.
Report Title:
Rental Housing Revolving Fund; Conveyance Tax
Description:
Restores the allocation of conveyance tax collections to the rental housing revolving fund to 50 percent. (HB1962 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
