Bill Text: HI HB1592 | 2024 | Regular Session | Amended
Bill Title: Relating To The Land Conservation Fund.
Spectrum: Partisan Bill (Democrat 16-0)
Status: (Engrossed) 2024-03-07 - Referred to WTL, WAM. [HB1592 Detail]
Download: Hawaii-2024-HB1592-Amended.html
|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
1592 |
|
THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO THE LAND CONSERVATION FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the
land conservation fund does not receive adequate funding to conserve land for
watershed protection, coastal preservation, flood prevention, parks, habitat
protection, cultural preservation, agricultural production, and open space and
scenic resources. The legislature
further finds that increasing the revenue stream for the land conservation fund
will ensure greater protection of these lands and resources for future
generations; grow a more sustainable and resilient future; and help to maintain
sufficient open space and breathing room for residents and visitors, all of
which serves the best interests of the people of Hawaii.
Additionally, enhanced funding
for the acquisition and management of resource value lands strengthens the
State's portfolio of high-value, long-term investment in protecting Hawaii's
natural capital, and the returns on this investment accelerate community
efforts to strengthen resilience, promote health and wellness, and continue
building and operating new models of economic opportunity.
The purpose of
this Act is to help ensure adequate funding for the land conservation fund and
the legacy land conservation program by increasing the maximum amount of
conveyance tax revenues to be paid into the land conservation fund.
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
per cent or [$5,100,000,] $ ,
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 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, 3000.
Report Title:
Conveyance Tax; Land Conservation Fund
Description:
Increases the maximum amount of conveyance tax revenues allocated to the land conservation fund. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
