Category Archives: Conveyance (HRS 247)

HB 58, Proposed SD1

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

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

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.

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SB 871; HB 624

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.

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HB 58

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.

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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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