SUBJECT: CONVEYANCE, Restructure and Hike 

BILL NUMBER: SB 3028 HD1 

INTRODUCED BY: HSG 

EXECUTIVE SUMMARY: Restructures the conveyance tax to a marginal rate system for the sale of properties with residential use, adjusts the tax for multifamily properties to reflect value on a per-unit basis, and applies a cost-of-living adjustment to conveyance tax rates. Allocates a portion of conveyance tax collections to the Dwelling Unit Revolving Fund, Hawaiian Home Lands Infrastructure and Housing Special Fund, and Special Land and Development Fund. Establishes and appropriates funds out of the Hawaiian Home Lands Infrastructure and Housing Special Fund. Effective 7/1/3000. (HD1) 

SYNOPSIS:  Amends section 171-19, HRS, relating to the special land and development fund, allowing it to receive money from a conveyance tax earmark and explicitly allowing it to acquire land.   Continue reading SB 3028 HD1  →

SUBJECT: Conveyance Tax; Land Conservation Fund; Special Land and Development Fund; Dwelling Unit Revolving Fund; Infrastructure Funding; County-Designated Transit-Oriented Development

BILL NUMBER: SB 3028

INTRODUCED BY: LEE, C.

EXECUTIVE SUMMARY: Restructures the conveyance tax to a marginal rate system and adjusts the tax for multifamily properties to reflect value on a per-unit basis. Adjusts allocations of conveyance tax collections to the Land Conservation Fund, and Rental Housing Revolving Fund and adds the Special Land and Development Fund (to fund land acquisition for the Hawaiʻi Statewide Trail and Access Program), and the Dwelling Unit Revolving Fund (to fund infrastructure programs in county-designated transit-oriented development areas). Takes effect 1/1/2027.

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SUBJECT: CONVEYANCE; Natural Resource Protection; Beach Restoration Special Fund Earmark

BILL NUMBER: SB 3031

INTRODUCED BY: LEE, C.

EXECUTIVE SUMMARY: Requires that all conveyance tax revenues collected from the conveyance or transfer of real property located in whole or in part in a sea level rise exposure area be deposited into the Beach Restoration Special Fund. Allows funds in the Beach Restoration Special Fund to be used to acquire property.

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SUBJECT: CONVEYANCE; Dwelling Unit Revolving Fund; Infrastructure Funding; County-designated Transit-oriented Development

BILL NUMBER: HB 2049; SB2700

INTRODUCED BY: HB by EVSLIN, BELATTI, GRANDINETTI, HOLT, ILAGAN, IWAMOTO, KAHALOA, KAPELA, KILA, KUSCH, MARTEN, MORIKAWA, PERRUSO, POEPOE, QUINLAN, TARNAS, TODD; SB by KANUHA, CHANG, RICHARDS (Native Hawaiian Affairs Caucus package)

EXECUTIVE SUMMARY: Restructures the conveyance tax to a marginal rate system for the sale of properties with residential use, adjusts the tax for multifamily properties to reflect value on a per-unit basis, and applies a cost-of-living adjustment to conveyance tax rates. Allocates revenues from conveyance tax collections. Allocates a portion of conveyance tax collections to the Dwelling Unit Revolving Fund to fund infrastructure programs in county-designated transit-oriented development areas that meet minimum standards of transit-supportive density. Allocates a portion of conveyance tax revenues to the Hawaiian Home Lands Trust Fund.

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SUBJECT: CONVEYANCE, Tax on Controlling Interest Transfer

BILL NUMBER: HB 1918

INTRODUCED BY: EVSLIN, GRANDINETTI, HASHEM, HOLT, ILAGAN, KAHALOA, KAPELA, LEE, M., LOWEN, MATAYOSHI, PERRUSO, POEPOE, SAYAMA, TARNAS

EXECUTIVE SUMMARY: Imposes conveyance tax on the transfer of a controlling interest of an entity with an interest in real property. Stipulates that the imposition of the conveyance tax on transfers of entity ownership shall not apply to any transfer of interest or acquisition between entities wholly owned by the same common ownership that results in no change in the beneficial ownership. Imposes the conveyance tax on certain transfers of real property at the lowest tax rate.

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SUBJECT: CONVEYANCE, Exempt Kamaaina Homes Program Voluntary Deed Restrictions

BILL NUMBER: HB 1732

INTRODUCED BY: EVSLIN, AMATO, BELATTI, HUSSEY, ILAGAN, KEOHOKAPU-LEE LOY, KUSCH, LOWEN, MARTEN, MATAYOSHI, MIYAKE, MORIKAWA, OLDS, POEPOE, REYES ODA, SHIMIZU, SOUZA, TARNAS

EXECUTIVE SUMMARY: Establishes the Kamaaina Homes Program within the Hawaii Housing Finance and Development Corporation to provide funding to the counties to purchase voluntary deed restrictions from eligible homebuyers.

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