Category Archives: Conveyance (HRS 247)

SB 2668, SD-1

SUBJECT:  CONVEYANCE, Raise Cap on Land Conservation Fund Earmark

BILL NUMBER:  SB 2668, SD-1

INTRODUCED BY: Senate Committee on Water & Land

EXECUTIVE SUMMARY: Increases the percentage of the land conservation fund that may be used for costs related to the operation, maintenance, and management of lands acquired by the fund. Increases the maximum dollar amount of the conveyance tax distribution to the land conservation fund. Appropriates funds from the land conservation fund for resource land acquisition.  The cap was imposed to make general fund forecasting more reliable and increase transparency and accountability.

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HB 1644

SUBJECT: CONVEYANCE, Require Limited Liability Companies to File Officer/Member Information in Conveyance Tax Certificate

BILL NUMBER:  HB 1644

INTRODUCED BY: SAN BUENAVENTURA, AQUINO, BELATTI, BROWER, CABANILLA ARAKAWA, HASHIMOTO, ICHIYAMA, MATAYOSHI, MIZUNO, TAKUMI, WOODSON, McDermott

EXECUTIVE SUMMARY:   Requires that the certificate of conveyance filed with the director of taxation include the names and addresses of limited liability company officers, directors, and members or managers.  We suggest that the publicly available conveyance tax organizational documents contain this information.

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SB 3104; HB 2542

SUBJECT:  CONVEYANCE, Remove Cap on Rental Housing Revolving Fund Earmark

BILL NUMBER:  SB 3104; HB 2542

INTRODUCED BY: SB by KOUCHI, BAKER, ENGLISH, FEVELLA, GABBARD, IHARA, INOUYE, K. KAHELE, KANUHA, KEITH-AGARAN, J.KEOHOKALOLE, KIM, MORIWAKI, NISHIHARA, K. RHOADS, RIVIERE, RUDERMAN, SHIMABUKURO, TANIGUCHI, L. THIELEN, WAKAI; HB by SAIKI, AQUINO, BELATTI, BROWER, CABANILLA ARAKAWA, CREAGAN, CULLEN, DECOITE, GATES, HAR, HASHEM, HASHIMOTO, HOLT, ICHIYAMA, JOHANSON, KITAGAWA, B. KOBAYASHI, D. KOBAYASHI, KONG, C. LEE, LOWEN, LUKE, MATAYOSHI, MCKELVEY, MIZUNO, MORIKAWA, NAKAMURA, NAKASHIMA, NISHIMOTO, OHNO, ONISHI, QUINLAN, SAN BUENAVENTURA, SAY, TAKAYAMA, TAKUMI, TARNAS, TODD, TOKIOKA, WOODSON, YAMANE, YAMASHITA

EXECUTIVE SUMMARY: As it relates to taxation:  Removes the existing statutory cap on the amount of conveyance tax revenues that are deposited into the rental housing revolving fund each fiscal year.  The cap was imposed to make general fund forecasting more reliable and increase transparency and accountability.

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SB 2040

SUBJECT:  CONVEYANCE, Flipping Surcharge

BILL NUMBER:  SB 2040

INTRODUCED BY: S. CHANG, FEVELLA, HARIMOTO, KANUHA, MORIWAKI

EXECUTIVE SUMMARY:  Establishes a surcharge equal to twenty-five per cent of the net proceeds from the sale of certain residential property within a period of five years after the date of purchase if the owner is ineligible for a county homeowner’s exemption on property tax.

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SB 2089

SUBJECT:  CONVEYANCE, Remove Exemption for Short Duration Leases

BILL NUMBER:  SB 2089

INTRODUCED BY:  DELA CRUZ, KIDANI, Keith-Agaran, Shimabukuro

EXECUTIVE SUMMARY:  Amends the exemption from conveyance tax for realty leases of less than 5 years by applying the exemption only to residential leases of 1 year or less.  An exemption also should be allowed for commercial leases that are not required to be recorded.

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SB 2087

SUBJECT:  CONVEYANCE, Tax Hike, Exemption for Affordable Housing

BILL NUMBER:  SB 2087

INTRODUCED BY:  DELA CRUZ, KEITH-AGARAN, KIDANI, Kanuha, Nishihara, Shimabukuro

EXECUTIVE SUMMARY:  Raises the conveyance tax rates for residential investment properties with a value of at least $2,000,000. Exempts affordable housing qualified by the Hawaii Housing Finance and Development Corporation from the conveyance tax.

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SB 2356

SUBJECT:  CONVENYANCE, Remove Cap on Earmark to Land Conservation Fund

BILL NUMBER:  SB 2356

INTRODUCED BY:  ENGLISH, HARIMOTO, IHARA, KANUHA, KEITH-AGARAN, RIVIERE, RUDERMAN, Baker, Fevella, Kim, Nishihara, Shimabukuro

EXECUTIVE SUMMARY: Removes the monetary cap for the amount of conveyance taxes collected that can be paid into the land conservation fund.  The cap was imposed to make general fund forecasting more reliable and increase transparency and accountability.

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SB 838, SD-1

SUBJECT:  CONVEYANCE, Increase Earmark to Land Conservation Fund

BILL NUMBER:  SB 838, SD-1

INTRODUCED BY:  Senate Committee on Water and Land

EXECUTIVE SUMMARY:  Increases the cap on the conveyance tax revenues to be redirected to the land conservation fund to $8.8 million.  The cap was imposed to make general fund forecasting more reliable and increase transparency and accountability.

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