Category Archives: Conveyance (HRS 247)

SB 678

Conveyance (HRS 247)

SUBJECT: CONVEYANCE, Tax Hike, Exemption for Property with Price Cap, Change Earmarks

BILL NUMBER:  SB 678

INTRODUCED BY: SAN BUENAVENTURA, CHANG, MCKELVEY

EXECUTIVE SUMMARY:   Increases the conveyance tax rates. Exempt the conveyance tax on property with a restriction on increasing the rental price or resale price above any increase in the consumer price index for at least thirty years. Removes the maximum disposition caps of the conveyance tax allocated to the Rental Housing Revolving Fund and Legacy Land Use Conservation Fund. Allocates ten per cent of the conveyance tax for homeless services and supportive housing. Creates the Homeless Services Fund. Continue reading SB 678 →

SB 362

Conveyance (HRS 247)

SUBJECT:  CONVEYANCE, Tax Hike, Affordable Housing Exemption, Modify Earmark

BILL NUMBER:  SB 362, HB 286

INTRODUCED BY: SB by CHANG; HB by KILA, CHUN, HASHIMOTO, HOLT, POEPOE, TODD

EXECUTIVE SUMMARY:   Increases the rate of conveyance tax for condominiums and single family residences ineligible for a county homeowner’s exemption with a value of at least $2,000,000. Exempts from the conveyance tax documents and instruments conveying real property subject to a government assistance program approved and certified by Hawaii Housing Finance and Development Corporation and used for the provision of affordable housing for qualified persons in the State. Removes maximum dollar amount of conveyance tax revenues that are to be paid into the rental housing revolving fund each fiscal year.

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HB 2041, SB 2351

Conveyance (HRS 247)

SUBJECT:  CONVEYANCE, Increase Earmark to Land Conservation Fund for Land Acquisition

BILL NUMBER:  HB 2041, SB 2351

INTRODUCED BY: HB by SAIKI by request; SB by KEITH-AGARAN, KANUHA, LEE, Shimabukuro

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 the resource land acquisition.

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SB 2237

Conveyance (HRS 247)

SUBJECT:  CONVEYANCE, Tax Hike

BILL NUMBER:  SB 2237

INTRODUCED BY: CHANG, KEOHOKALOLE, LEE, RHOADS, Baker, Ihara, Keith-Agaran, San Buenaventura

EXECUTIVE SUMMARY:   Increases the rate of conveyance tax for condominiums and single family residences ineligible for a county homeowner’s exemption with a value of at least $2,000,000. Exempts from the conveyance tax documents and instruments conveying real property subject to a government assistance program approved and certified by Hawaii Housing Finance and Development Corporation and used for the provision of affordable housing for qualified persons in the State. Removes maximum dollar amount of conveyance tax revenues that are to be paid into the rental housing revolving fund each fiscal year.

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HB 58, Proposed SD1

Conveyance (HRS 247), Estate & Generation Skipping Transfer ( HRS 236E), General Excise (HRS 237), Use (HRS 238)

SUBJECT:  ESTATE, GENERAL EXCISE, USE, CONVEYANCE, Omnibus Tax Increase and Suspension of Exemptions

BILL NUMBER:  HB 58, Proposed SD1

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Temporarily reallocates conveyance tax revenues for purposes of paying the principal and interest of general obligation bonds.  Authorizes the issuance of general obligation bonds to be appropriated into and out of the land conservation fund and rental housing revolving fund.  Amends the exclusion amount of Hawaii’s estate tax.  From 7/1/2021 through 6/30/2023, temporarily repeals certain general excise tax exemptions.  Increases conveyance taxes for the sale of properties valued at $4,000,000 or greater.

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SB 56

Conveyance (HRS 247), General Excise (HRS 237), Net Income (HRS 235), Use (HRS 238)

SUBJECT:  INCOME, GENERAL EXCISE, USE, CONVEYANCE, Omnibus Tax Increase and Suspension of Exemptions

BILL NUMBER:  SB 56

INTRODUCED BY: CHANG

EXECUTIVE SUMMARY: Increases the personal income tax rate and implements a rate recapture mechanism that phases out lower tax brackets for high earners for taxable years beginning after 12/31/2020. Increases the tax on capital gains. Increases the corporate income tax and establishes a single corporate income tax rate. From 7/1/2021 through 6/30/23, temporarily repeals certain general excise tax exemptions. Increases conveyance taxes for the sale of properties valued at $1,000,000 or greater.

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HB 58, HD1

Conveyance (HRS 247)

SUBJECT:  CONVEYANCE, Temporary suspension of earmarks

BILL NUMBER:  HB 58, HD1

INTRODUCED BY:  House Committees on Water & Land and Housing

EXECUTIVE SUMMARY:  Temporarily reallocates conveyance tax revenues for purposes of paying the principal and interest of general obligation bonds. Authorizes the issuance of general obligation bonds to be appropriated into and out of the land conservation fund and rental housing revolving fund.

Continue reading HB 58, HD1 →

SB 871; HB 624

Conveyance (HRS 247)

SUBJECT:  CONVEYANCE, Adjusts Rates, Modifies Earmarks

BILL NUMBER:  SB 871; HB 624

INTRODUCED BY:  SB by SHIMABUKURO, LEE, MORIWAKI  Acasio,  Kidani; HB by GATES, BELATTI, BRANCO, ICHIYAMA, ILAGAN, MCKELVEY, MIZUNO, NAKAMURA, QUINLAN, TODD

EXECUTIVE SUMMARY: Lowers conveyance tax rates for properties with a value under $2,000,000. Increases conveyance tax rates for investment properties. Requires a percentage of conveyance taxes collected to be deposited into the housing finance revolving fund. Effective 1/1/2022.

Continue reading SB 871; HB 624 →

HB 58

Conveyance (HRS 247)

SUBJECT:  CONVEYANCE, Temporary suspension of earmarks

BILL NUMBER:  HB 58

INTRODUCED BY:  LUKE, CULLEN, YAMASHITA

EXECUTIVE SUMMARY:  Temporarily reallocates conveyance tax revenues for purposes of paying the principal and interest of general obligation bonds. Authorizes the issuance of general obligation bonds to be appropriated into and out of the land conservation fund and rental housing revolving fund.

Continue reading HB 58 →