Bill Text: HI SB2356 | 2016 | Regular Session | Amended
Bill Title: Conveyance Tax; Conservation
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2016-02-05 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2356 Detail]
Download: Hawaii-2016-SB2356-Amended.html
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THE SENATE |
S.B. NO. |
2356 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO DISPOSITION OF TAX REVENUES.
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,] $7,600,000,
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 Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2016.
Report Title:
Conveyance Tax; Conservation
Description:
Requires ten per cent or $7,600,000, whichever is less, of conveyance taxes collected to be paid into the land conservation fund. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
