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THE SENATE |
S.B. NO. |
1262 |
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THIRTIETH LEGISLATURE, 2019 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INCREASED FUNDING FOR LAND CONSERVATION.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1.
The legislature finds that "the value
of Hawaii's natural resources to its economy, culture, and quality of life, but
an alarmingly small amount of money is invested each year to protect our
natural capital base" (Act 156, Session Laws of Hawaii 2005).
The
legislature also finds that there is a clear nexus between the source of the
conveyance tax and providing funding for land conservation. The development, sale, and improvement of
real estate in Hawaii adds additional pressure on natural areas, coastal
access, agricultural production, and Hawaii's water resources and watershed
recharge areas. Funding made available
for land conservation should keep pace with escalating real estate prices and
demand.
The
purpose of this Act is to provide increased funding for land conservation by removing
the annual dollar amount cap of the annual proceeds from the conveyance tax to
the existing land acquisition fund established by Act 77, Session Laws of
Hawaii 1973, codified as the land conservation fund in section 173A-5, Hawaii
Revised Statutes.
SECTION
2. 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 [or $6,800,000, whichever is
less,] shall be paid into the land conservation fund established pursuant
to section 173A-5; and
(2) Fifty per cent or $38,000,000, whichever is
less, shall be paid into the rental housing revolving fund established by
section 201H-202."
SECTION 3.
Statutory material to be repealed is bracketed and stricken.
SECTION
4. This Act shall take effect on July 1,
2019.
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INTRODUCED BY: |
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BY REQUEST |
Report Title:
Land Conservation Fund; Conveyance Tax
Description:
Adjusts the proportion of conveyance tax revenues deposited into the Land Conservation Fund.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.