Bill Text: HI SB2756 | 2018 | Regular Session | Amended
Bill Title: Relating To The Conveyance Tax.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2018-03-22 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Fukumoto, Johanson, C. Lee, Souki, Todd excused (5). [SB2756 Detail]
Download: Hawaii-2018-SB2756-Amended.html
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THE SENATE |
S.B. NO. |
2756 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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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 Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050.
Report Title:
Conveyance Tax; Allocation of Taxes Paid Into the 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. (SB2756 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
