Report Title:
Conveyance Tax; Disposition of Tax
Description:
Disburses percentage of conveyance tax on properties valued at $1,000,000 or greater to counties on a quarterly basis to be used as a tax credit for relief to homeowners.
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THE SENATE |
S.B. NO. |
3228 |
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TWENTY-THIRD LEGISLATURE, 2006 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO DISPOSITION OF 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. 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) Subject to paragraph (4), [Ten] ten per cent shall be paid into the land conservation fund established pursuant to section 173A-5;
(2) Subject to paragraph (4), [Thirty] thirty per cent shall be paid into the rental housing trust fund established by section 201G-432; [and]
(3) Subject to paragraph (4), [Twenty-five] 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 of the amount of the conveyance tax collected from the sale of any property with a value of $1,000,000 or greater shall be disbursed on a quarterly basis to the director of finance of the county where the property is located to be used as a tax credit for the county's homeowners in an amount as established by ordinance."
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 Statutory material to be repealed is bracketed and stricken.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.
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INTRODUCED BY: |
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