Report Title:
Conveyance Tax; Disposition; Public Education
Description:
Requires set-aside of moneys from the conveyance tax for expenditure from the general fund on capital improvements for public school complexes in which the conveyance occurred.
|
THE SENATE |
S.B. NO. |
2699 |
|
TWENTY-THIRD LEGISLATURE, 2006 |
||
|
STATE OF HAWAII |
||
|
|
A BILL FOR AN ACT
RELATING TO THE CONVEYANCE TAX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 247-7, Hawaii Revised Statutes, is amended to read as follows:
"§247-7 Disposition of taxes. (a) All taxes collected under this chapter shall be paid into the state treasury to the credit of the general fund of the State, to be used and expended for the purposes for which the general fund was created and exists by law; provided that of the taxes collected each fiscal year:
(1) Ten per cent shall be paid into the land conservation fund established pursuant to section 173A-5;
(2) Thirty per cent shall be paid into the rental housing trust fund established by section 201G-432; [and]
(3) Twenty-five per cent shall be paid into the natural area reserve fund established by section 195-9; provided that the funds paid into the natural area reserve fund shall be annually disbursed by the department of land and natural resources in the following priority:
(A) To natural area partnership and forest stewardship programs after joint consultation with the forest stewardship committee and the natural area reserves system commission;
(B) Projects undertaken in accordance with watershed management plans pursuant to section 171-58 or watershed management plans negotiated with private landowners and management of the natural area reserves system pursuant to section 195-3; and
(C) The youth conservation corps established under chapter 193[.] and
(4) Ten per cent shall be set aside for expenditure from the general fund for capital improvements for public school facilities as provided in subsection (b).
(b) For purposes of subsection (a)(4), the money shall be set aside in a special account for expenditure on capital improvement projects for public schools, including construction of new facilities and repair and maintenance of existing facilities. The expenditure shall be made in the public school complex in which the transfer or conveyance occurred. The department of budget and finance shall inform the department of education not less than annually of the amount of conveyance tax moneys realized from every conveyance and the related street address of every property from which the tax was derived in the preceding year, for purposes of the capital improvements budget of the department of education prepared for submission to the legislature."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2006.
|
INTRODUCED BY: |
_____________________________ |