HOUSE OF REPRESENTATIVES

H.B. NO.

1592

THIRTY-SECOND LEGISLATURE, 2024

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE LAND CONSERVATION FUND.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds that the land conservation fund does not receive adequate funding to conserve land for watershed protection, coastal preservation, flood prevention, parks, habitat protection, cultural preservation, agricultural production, and open space and scenic resources.  The legislature further finds that increasing the revenue stream for the land conservation fund will ensure greater protection of these lands and resources for future generations; grow a more sustainable and resilient future; and help to maintain sufficient open space and breathing room for residents and visitors, all of which serves the best interests of the people of Hawaii.

Additionally, enhanced funding for the acquisition and management of resource value lands strengthens the State's portfolio of high-value, long-term investment in protecting Hawaii's natural capital, and the returns on this investment accelerate community efforts to strengthen resilience, promote health and wellness, and continue building and operating new models of economic opportunity.

     The purpose of this Act is to help ensure adequate funding for the land conservation fund and the legacy land conservation program by increasing the maximum amount of conveyance tax revenues to be paid into the land conservation fund.

     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 [$5,100,000,] $          , 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  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 3000.


 


 

Report Title:

Conveyance Tax; Land Conservation Fund

 

Description:

Increases the maximum amount of conveyance tax revenues allocated to the land conservation fund.  Effective 7/1/3000.  (HD1)

 

 

 

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