STAND. COM. REP. NO. 1124

Honolulu, Hawaii

, 2025

RE: H.B. No. 1410

H.D. 2

Honorable Nadine K. Nakamura

Speaker, House of Representatives

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Madame:

Your Committee on Finance, to which was referred H.B. No. 1410, H.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO HOUSING,"

begs leave to report as follows:

The purpose of this measure is to:

(1) Establish the Supportive Housing Special Fund;

(2) Restructure the conveyance tax to a marginal rate system and adjust the tax for multifamily residential properties to reflect value on a per-unit basis;

(3) Allocate a portion of conveyance tax revenues to the Supportive Housing Special Fund; and

(4) Allocate a portion of conveyance tax revenues to the Dwelling Unit Revolving Fund to fund infrastructure programs in county-designated transit-oriented development areas that meet minimum standards of transit-supportive density.

Your Committee received testimony in support of this measure from the State Council on Developmental Disabilities; Church of the Crossroads; Hawai‘i Children's Action Network Speaks!; Hawai‘i Health & Harm Reduction Center; Hawaii Appleseed Center for Law & Economic Justice; League of Women Voters of Hawaii; Catholic Charities Hawai‘i; Save Medicaid Hawaii; and eight individuals. Your Committee received testimony in opposition to this measure from the Land Use Research Foundation of Hawaii; Hawaiʻi Association of REALTORS; and one individual. Your Committee received comments on this measure from the Department of Land and Natural Resources; Department of Budget and Finance; Department of Taxation; Hawaii Housing Finance and Development Corporation; Office of Planning and Sustainable Development; The Nature Conservancy, Hawai‘i and Palmyra; Grassroot Institute of Hawaii; Tax Foundation of Hawaii; and one individual.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1410, H.D. 2, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

KYLE T. YAMASHITA, Chair