THE SENATE

S.B. NO.

1262

THIRTIETH LEGISLATURE, 2019

 

STATE OF HAWAII

 

 

 

 

 

 

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  Statutory material to be repealed is bracketed and stricken.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.

 

INTRODUCED BY:

_____________________________

 

 

BY REQUEST


 


 

Report Title:

Land Conservation Fund; Conveyance Tax

 

Description:

Adjusts the proportion of conveyance tax revenues deposited into the Land Conservation Fund.

 

 

 

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