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

THE SENATE

S.B. NO.

2400

TWENTY-NINTH LEGISLATURE, 2018

 

STATE OF HAWAII

 

 

 

 

 

 

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  Statutory material to be repealed is bracketed and stricken.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.

 

INTRODUCED BY:

_____________________________

 

 


 


 

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.

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