THE SENATE	S.B. NO.	2123
TWENTY-FIFTH LEGISLATURE, 2010
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO 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)  Ten per cent shall be paid into the land conservation fund established pursuant to section 173A-5;

     (2)  Twenty-five per cent from July 1, 2009, until June 30, 2012, and thirty per cent in each fiscal year thereafter shall be paid into the rental housing trust fund established by section 201H-202; [and]

     (3)  Twenty per cent from July 1, 2009, until June 30, 2012, and twenty-five per cent in each fiscal year thereafter 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)    per cent shall be paid into a separate account in the state treasury to be expended by the department of education on public school facilities in grades kindergarten through twelve; provided that the department of education shall apportion and disburse funds from the separate account to benefit the school district where the realty, the transfer or conveyance of which caused the imposition, levy, and collection of taxes under this chapter, is located."

     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  Statutory material to be repealed is bracketed and stricken.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, 2010.

INTRODUCED BY:

_____________________________

Report Title:

Conveyance Tax; Education

Description:

Dedicates a portion of the conveyance tax to the department of education for public school facilities in grades K through 12 located in the school complex in which the conveyed property is located.

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