HB2049: Conveyance Tax

Restructures the conveyance tax to a marginal rate system for the sale of properties with residential use, adjusts the tax for multifamily properties to reflect value on a per-unit basis, and applies a cost-of-living adjustment to conveyance tax rates. Allocates revenues from conveyance tax collections. Allocates a portion of conveyance tax collections to the Dwelling Unit Revolving Fund to fund infrastructure programs in areas that meet minimum standards of transit-supportive density. Allocates a portion of conveyance tax revenues to the Hawaiʻi Agricultural Development Revolving Fund, Special Land and Development Fund, and Hawaiian Home Lands Infrastructure and Housing Special Fund. Establishes and appropriates funds out of the Hawaiian Home Lands Infrastructure and Housing Special Fund. Authorizes the Hawaiʻi Agricultural Development Revolving Fund to be used to acquire land.

Companion: SB2700

Referral: WLA/HOU/HWN, WAM

Introducer(s): EVSLIN, BELATTI, GRANDINETTI, HOLT, ILAGAN, IWAMOTO, KAHALOA, KAPELA, KILA, KUSCH, MARTEN, MORIKAWA, PERRUSO, POEPOE, QUINLAN, TARNAS, TODD