SB 2012: Conveyance Tax; Revenues; Land Conservation Fund

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 the land conservation fund does not receive adequate funding to conserve land for watershed protection, coastal preservation, flood prevention, parks, habitat protection, cultural preservation, agricultural production, and open space and scenic resources.  Increasing the revenue stream for the land conservation fund will ensure greater protection of these lands and resources for future generations, grow a more sustainable and resilient future, and help to maintain sufficient open space and breathing room for residents and visitors, all of which serves the best interests of the people of Hawaii.  The legislature further finds that enhanced funding for the acquisition and management of resource value lands strengthens the State's portfolio of high-value, long-term investment in protecting our natural capital, and that the returns on this investment accelerate community efforts to strengthen resilience, promote health and wellness, and continue building and operating new models of economic opportunity.

     The purpose of this Act is to help ensure adequate funding for the land conservation fund and the legacy land conservation program by restoring the disposition of conveyance tax revenues into the land conservation fund at ten per cent of total annual collections, uncapped, as the legislature initially established in 2005.

     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  Statutory material to be repealed is bracketed and stricken.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 shall take effect upon its approval.

Report Title:

Conveyance Tax; Revenues; Land Conservation Fund

Description:

Repeals the cap amount on conveyance tax revenues allocated to the land conservation fund.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.