Bill Text: HI SB41 | 2025 | Regular Session | Introduced
Bill Title: Relating To The Conveyance Tax.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Introduced) 2025-01-16 - Referred to HOU/WTL, WAM. [SB41 Detail]
Download: Hawaii-2025-SB41-Introduced.html
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THE SENATE |
S.B. NO. |
41 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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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 201H-191, Hawaii Revised Statutes, is amended to read as follows:
"§201H-191 Dwelling unit revolving fund. (a)
There is created a dwelling unit revolving fund. The [funds appropriated for the purpose of
the dwelling unit revolving fund and all moneys received or collected by the
corporation for the purpose of the revolving fund] following shall
be deposited [in] into the revolving fund[.]:
(1) Funds appropriated for the purpose
of the dwelling unit revolving fund;
(2) A portion of conveyance taxes
pursuant to section 247‑7(3); and
(3) All moneys received or collected by
the corporation for the purpose of the revolving fund.
(b) The proceeds in the revolving fund shall be used to reimburse the general fund to pay the interest on general obligation bonds issued for the purposes of the revolving fund, for the necessary expenses in administering housing development programs and regional state infrastructure programs, and for carrying out the purposes of housing development programs and regional state infrastructure programs, including but not limited to the expansion of community facilities and regional state infrastructure constructed in conjunction with housing and mixed-use transit-oriented development projects, permanent primary or secondary financing, and supplementing building costs, federal guarantees required for operational losses, and all things required by any federal agency in the construction and receipt of federal funds or low‑income housing tax credits for housing projects.
[(b)]
(c) Subject to the requirements
of subsection [(a),] (b), proceeds in the revolving fund may be
used to establish and operate regional state infrastructure subaccounts
pursuant to section 201H-191.5."
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]
pursuant to section 201H-202[.]; and
(3) Ten per cent shall be paid into the dwelling unit revolving fund established pursuant to section 201H‑191."
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, 2025.
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INTRODUCED BY: |
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Report Title:
Conveyance Tax; Dwelling Unit Revolving Fund; Rental Housing Revolving Fund; Allocations
Description:
Allocates ten per cent of conveyance tax collections to the Dwelling Unit Revolving Fund. Removes the annual cap on conveyance taxes 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.
