Bill Text: HI HB445 | 2017 | Regular Session | Introduced
Bill Title: Relating To Conveyance Tax.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2017-01-23 - Referred to WAL, FIN, referral sheet 2 [HB445 Detail]
Download: Hawaii-2017-HB445-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
445 |
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TWENTY-NINTH LEGISLATURE, 2017 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to conveyance tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 247-2, Hawaii Revised Statutes, is amended to read as follows:
"§247-2 Basis and rate of tax. The tax imposed by section 247-1 shall be based on the actual and full consideration (whether cash or otherwise, including any promise, act, forbearance, property interest, value, gain, advantage, benefit, or profit), paid or to be paid for all transfers or conveyance of realty or any interest therein, that shall include any liens or encumbrances thereon at the time of sale, lease, sublease, assignment, transfer, or conveyance, and shall be at the following rates:
(1) Except as provided in paragraph (2):
(A) [Ten] Five cents per $100
for properties with a value of less than $600,000;
(B) [Twenty] Ten cents per $100
for properties with a value of at least $600,000, but less than $1,000,000;
(C) Thirty cents per $100 for properties with a value of at least $1,000,000, but less than $2,000,000;
(D) [Fifty cents] One dollar per
$100 for properties with a value of at least $2,000,000, but less than
$4,000,000;
(E) [Seventy] One dollar and forty
cents per $100 for properties with a value of at least $4,000,000, but less
than $6,000,000;
(F) [Ninety] One dollar and eighty
cents per $100 for properties with a value of at least $6,000,000, but less
than $10,000,000; and
(G) [One dollar] Two dollars per
$100 for properties with a value of $10,000,000 or greater; and
(2) For the sale of a condominium or single family residence for which the purchaser is ineligible for a county homeowner's exemption on property tax:
(A) [Fifteen] Ten cents per $100
for properties with a value of less than $600,000;
(B) [Twenty-five] Twenty cents
per $100 for properties with a value of at least $600,000, but less than
$1,000,000;
(C) Forty cents per $100 for properties with a value of at least $1,000,000, but less than $2,000,000;
(D) [Sixty] One dollar and twenty
cents per $100 for properties with a value of at least $2,000,000, but less
than $4,000,000;
(E) [Eighty-five] One dollar and
seventy cents per $100 for properties with a value of at least $4,000,000,
but less than $6,000,000;
(F) [One dollar and ten] Two dollars
and twenty cents per $100 for properties with a value of at least
$6,000,000, but less than $10,000,000; and
(G) [One dollar and twenty-five] Two
dollars and fifty cents per $100 for properties with a value of $10,000,000
or greater,
of [such] the actual and full consideration;
provided that in the case of a lease or sublease, this chapter shall apply only
to a lease or sublease whose full unexpired term is for a period of five years
or more, and in those cases, including (where appropriate) those cases where
the lease has been extended or amended, the tax in this chapter shall be based
on the cash value of the lease rentals discounted to present day value and
capitalized at the rate of six per cent, plus the actual and full consideration
paid or to be paid for any and all improvements, if any, that shall include
on-site as well as off-site improvements, applicable to the leased premises;
and provided further that the tax imposed for each transaction shall be not
less than $1."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2017.
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INTRODUCED BY: |
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Report Title:
Conveyance Tax Rates
Description:
Reduces the conveyance tax rates for properties with a value of less than $1,000,000. Increases the conveyance tax rates for properties with a value of $2,000,000 or greater.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
