BILL NUMBER: SB 3062, SD-2
INTRODUCED BY: Senate Committee on Ways and Means
EXECUTIVE SUMMARY: Removes the cap to be paid into the rental housing revolving fund from Conveyance Tax revenues.
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.
BILL NUMBER: SB 3062
INTRODUCED BY: MORIWAKI, S. CHANG, GABBARD, K. RHOADS, Kanuha, Kim, Shimabukuro, Taniguchi, Wakai
EXECUTIVE SUMMARY: Increases the cap to be paid into the rental housing revolving fund from Conveyance Tax revenues.
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.
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.
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.
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.
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.
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.
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.