THE SENATE	S.B. NO.	1092
THIRTY-FIRST LEGISLATURE, 2021
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO THE DISPOSITON OF TAXES.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  The economic impact of the COVID-19 pandemic on the revenues of the State has been devastating with an estimated decline of $2.3 billion for fiscal biennium 2019-2021 and necessitates action to preserve the solvency of the state general fund and ensure the continuation of critical government operations.

     Therefore, the purpose of this Act is to temporarily suspend the requirement for disposition of the conveyance tax to the land conservation fund and the rental housing revolving fund for fiscal year 2021-2022 and fiscal year 2022-2023.

     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  Statutory material to be repealed is bracketed and stricken.

     SECTION 4.  This Act, upon its approval, shall take effect on July 1, 2021, and shall be repealed on June 30, 2023; provided that section 247-7, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day prior to the effective date of this Act.

 

INTRODUCED BY:	_____________________________
	BY REQUEST

 

 

Report Title:

Conveyance Tax; Disposition of Taxes; Land Conservation Fund; Rental Housing Revolving Fund

 

Description:

Suspends the requirement for disposition of the conveyance tax to the Land Conservation Fund and the Rental Housing Revolving Fund for fiscal year 2021-2022 and fiscal year 2022-2023.

 

 

 

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