Report Title:

RHTF allocation increase

Description:

Increases the allocation of conveyance tax revenues to the rental housing trust fund from 50% to 65%.

HOUSE OF REPRESENTATIVES	H.B. NO.	1263
TWENTY-FOURTH LEGISLATURE, 2007
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO HOUSING.

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

     SECTION 1.   Act 100, Session Laws of Hawaii 2006, provided a temporary increase in disposition of conveyance tax revenues for the rental housing trust fund from thirty per cent to fifty per cent until June 30, 2007.  The purpose of this Act is to permanently increase the disposition of conveyance tax revenues to the rental housing trust fund to sixty-five per cent to provide a dedicated source of funding to finance the construction or substantial rehabilitation of affordable rental housing projects.

     SECTION 2.  Section 247-7, Hawaii Revised Statutes, is amended to read as follows:

     "§247-7  Disposition of taxes.  All taxes collected each fiscal year 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)  [Fifty] Sixty-five per cent shall be paid into the rental housing trust fund established by section [201G-432;] 201H-202; 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 3.  Act 100, Session Laws of Hawaii 2006, is amended by amending section 30 to read as follows:

     "SECTION 30.  This Act shall take effect on July 1, 2006[; provided that on June 30, 2007, section 21 shall be repealed and section 247-7, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day before the approval of this Act]."

     SECTION 4.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect on June 29, 2007, except that section 2 shall take effect on July 1, 2007.

INTRODUCED BY:

_____________________________