Bill Text: HI HB69 | 2017 | Regular Session | Introduced
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2017-01-23 - Referred to WAL/EEP, HSG, FIN, referral sheet 1 [HB69 Detail]
Download: Hawaii-2017-HB69-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
69 |
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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 taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Because Hawaii is an island state, land represents one of the most valuable of the State's commodities. As such, since 1966, dispositions of real property have been subject to a conveyance tax that ties the sale or transfer of land to specific public purposes. In 1993, the legislature made the policy decision to create a nexus between the levy of this tax and the preservation of Hawaii's natural environment and the creation of affordable housing for Hawaii's citizens.
Currently, the disposition of conveyance tax revenues is as follows:
(1) Ten per cent or $6,8000,000, whichever is less, is paid into the land conservation fund;
(2) Fifty per cent or $38,000,000, whichever is less, is paid into the rental housing revolving fund; and
(3) The amount remaining is paid to the credit of the general fund.
With a state budget surplus of approximately $1,000,000,000 at the end of the 2016 fiscal year, the State must reprioritize the usage of state funds to address the environmental protection and housing problems that Hawaii still faces.
The purpose of this Act is to amend the distribution of conveyance tax revenues to assist the State in better addressing its environmental protection and affordable housing needs.
SECTION 2. 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] Seventeen 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] Eighty-three per cent [or
$38,000,000, whichever is less,] shall be paid into the rental housing revolving
fund established by section 201H-202."
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:
Taxation; Conveyance Tax
Description:
Amends the distribution of conveyance tax revenues to better fund programs for environmental protection and affordable housing.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
