Bill Text: HI SB95 | 2013 | Regular Session | Introduced
Bill Title: Conveyance Tax; Affordable Rental Housing
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2013-01-17 - Referred to HMS/EGH, WAM. [SB95 Detail]
Download: Hawaii-2013-SB95-Introduced.html
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THE SENATE |
S.B. NO. |
95 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
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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. The legislature finds that according to the Hawaii housing planning study in 2011, there is an estimated need for over 13,000 rental units by 2016 for households at or below eighty per cent of the area median income. Additional incentives are needed to expand the supply of affordable rental housing where it is most needed through federal, state, local and private efforts, and partnerships. The Hawaii interagency council on homelessness determined that increasing the level of dedicated funding for the rental housing trust fund administered by the Hawaii housing finance and development corporation would directly support the development of additional rental units for this population.
The purpose of this Act is to implement the recommendation of the Hawaii interagency council on homelessness to increase the rental housing trust fund's dedicated share of conveyance taxes from thirty per cent to fifty per cent.
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 shall be paid into the land conservation fund established pursuant to section 173A-5;
(2) [Twenty-five per cent from July 1, 2009, until
June 30, 2012, and thirty per cent in each fiscal year thereafter] Fifty
per cent shall be paid into the rental housing trust fund established by
section 201H-202; and
(3) Twenty per cent from July 1, 2009, until June 30, 2012, and twenty-five per cent in each fiscal year thereafter shall be paid into the natural area reserve fund established by section 195-9; provided that the funds paid into the natural area reserve fund shall be annually disbursed by the department of land and natural resources in the following priority:
(A) To natural area partnership and forest stewardship programs after joint consultation with the forest stewardship committee and the natural area reserves system commission;
(B) Projects undertaken in accordance with watershed management plans pursuant to section 171-58 or watershed management plans negotiated with private landowners, and management of the natural area reserves system pursuant to section 195-3; and
(C) The youth conservation corps established under chapter 193."
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, 2013.
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INTRODUCED BY: |
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Report Title:
Conveyance Tax; Affordable Rental Housing
Description:
Supports the financing of affordable rental housing projects by increasing the rental housing trust fund's share of conveyance tax revenues to fifty per cent.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
