Bill Text: HI SB2230 | 2018 | Regular Session | Introduced
Bill Title: Relating To The Conveyance Tax.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2018-01-22 - Referred to HOU, WAM. [SB2230 Detail]
Download: Hawaii-2018-SB2230-Introduced.html
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THE SENATE |
S.B. NO. |
2230 |
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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
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 Statutory material to be repealed is bracketed and stricken.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, 2018.
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INTRODUCED BY: |
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Report Title:
Conveyance Tax; Allocation of Taxes; Rental Housing Revolving Fund
Description:
Repeals the statutory cap on the disposition of conveyance taxes dedicated for deposit into the rental housing revolving fund for the financing of affordable rental housing development.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
