Bill Text: HI SB2400 | 2018 | Regular Session | Introduced
Bill Title: Relating To The Conveyance Tax.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2018-01-30 - The committee on HOU deferred the measure. [SB2400 Detail]
Download: Hawaii-2018-SB2400-Introduced.html
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THE SENATE |
S.B. NO. |
2400 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the conveyance tax.
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]
Sixty 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 Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2018.
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INTRODUCED BY: |
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Report Title:
Conveyance Tax; Rental Housing Revolving Fund; Disposition
Description:
Removes the cap on the amount of conveyance taxes that may be paid into the rental housing revolving fund and increases the percentage of conveyance taxes collected that shall be paid into the rental housing revolving fund.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
