Report Title:

Hawaii Convention Center Enterprise Special Fund; Deposit Cap

Description:

Repeals the $31,000,000 cap on deposits of TAT revenues into the Convention Center Enterprise Special Fund, and the provision that revenues in excess of $31,000,000 be deposited into the general fund. (HB2669 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

2669

TWENTY-THIRD LEGISLATURE, 2006

H.D. 1

STATE OF HAWAII

  

 

A BILL FOR AN ACT

 

RELATING TO THE CONVENTION CENTER ENTERPRISE SPECIAL FUND.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 237D-6.5, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

"(b) Revenues collected under this chapter shall be distributed as follows:

(1) 17.3 per cent of the revenues collected under this chapter shall be deposited into the convention center enterprise special fund established under section 201B-8; [provided that beginning January 1, 2002, if the amount of the revenue collected under this paragraph exceeds $31,000,000 in any calendar year, revenues collected in excess of $31,000,000 shall be deposited into the general fund;]

(2) 32.6 per cent of the revenues collected under this chapter shall be deposited into the tourism special fund established under section 201B-11 for tourism promotion and visitor industry research; provided that beginning on July 1, 2002:

(A) If the amount of revenues deposited into the tourism special fund exceeds $62,292,000 in any fiscal year, of the first $1,000,000 in revenues deposited in excess of $62,292,000:
    1. Ninety per cent shall be deposited into the state parks special fund established in section 184-3.4; and
    2. Ten per cent shall be deposited into the special land and development fund established in section 171-19 for the Hawaii statewide trail and access program;

provided that the total amount deposited into the state parks special fund and to the special land and development fund for the Hawaii statewide trail and access program shall not exceed $1,000,000 in any fiscal year;

(3) 44.8 per cent of the revenues collected under this chapter shall be transferred as follows: Kauai county shall receive 14.5 per cent, Hawaii county shall receive 18.6 per cent, city and county of Honolulu shall receive 44.1 per cent, and Maui county shall receive 22.8 per cent; and
    1. 5.3 per cent of the revenues collected under this chapter shall be deposited into the transient accommodations tax trust fund established under section 237D-5.5.

All transient accommodations taxes shall be paid into the state treasury each month within ten days after collection, and shall be kept by the state director of finance in special accounts for distribution as provided in this subsection."

SECTION 2. Statutory material to be repealed is bracketed and stricken.

SECTION 3. This Act shall take effect on July 1, 2020, and shall apply to tax years beginning after December 31, 2006; provided that the amendment made to section 237D-5(b)(1), Hawaii Revised Statutes, by this Act shall remain in effect when section 8 of Act 235, Session Laws of Hawaii 2005, takes effect on July 1, 2007.