Report Title:
Conveyance tax; fund transfers for housing
Description:
Increase the amount of collections deposited into the Rental Housing Trust Fund from the conveyance tax from 30% to 65%.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2356 |
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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 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. 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:] distributed as follows:
(1) Ten per cent shall be paid into the land conservation fund established pursuant to section 173A-5;
(2) [Thirty] Sixty-five 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."
SECTION 2. There is appropriated out of the rental housing trust fund the sum of $6,300,000, or so much as may be necessary, for fiscal year 2006-2007. The sum appropriated shall be expended by the Hawaii housing finance and development administration for the purposes of the rental housing trust fund as defined in section 201G-432, Hawaii Revised Statutes.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2006.
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INTRODUCED BY: |
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BY REQUEST |