STAND

 

STAND. COM. REP. NO. 500-06

Honolulu, Hawaii

, 2006

RE: H.B. No. 3119

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committees on Water, Land, & Ocean Resources and Housing, to which was referred H.B. No. 3119 entitled:

"A BILL FOR AN ACT RELATING TO CONVEYANCE TAX,"

beg leave to report as follows:

The purpose of this bill is to support the development of affordable rental housing by increasing the amount allocated from the conveyance tax to the Rental Housing Trust Fund (RHTF) from 30 to 65 percent.

The Office of the Governor, Department of Taxation, Housing and Community Development Corporation of Hawaii, Hawaii Association of Realtors, Affordable Housing and Homeless Alliance, and several concerned individuals testified in support of this bill. The Nature Conservancy of Hawaii supported the intent of this measure. The Sierra Club, Hawaii Chapter and Tax Foundation of Hawaii offered comments.

Your Committees have amended this bill by leaving the percentage of the conveyance tax allocated to RHTF blank to encourage further discussion.

 

As affirmed by the records of votes of the members of your Committees on Water, Land, & Ocean Resources and Housing that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 3119, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 3119, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committees on Water, Land, & Ocean Resources and Housing,

 

____________________________ MICHAEL P. KAHIKINA, Chair		____________________________ EZRA R. KANOHO, Chair