Hawaii SB41 modifies the disposition of conveyance taxes to fund specific state funds.

Hawaii SB41 amends the disposition of conveyance taxes to allocate funds into three specific state funds. Ten percent or $5,100,000, whichever is less, will be paid into the land conservation fund. Fifty percent or $38,000,000, whichever is less, will be paid into the rental housing revolving fund. Another ten percent will be paid into the dwelling unit revolving fund. The bill also repeals and replaces statutory material related to these funds. The changes will take effect on July 1, 2025.

Hawaii SB41 modifies the disposition of conveyance taxes to fund specific state funds.

Hawaii SB41 amends the disposition of conveyance taxes to allocate funds into three specific state funds. Ten percent or $5,100,000, whichever is less, will be paid into the land conservation fund. Fifty percent or $38,000,000, whichever is less, will be paid into the rental housing revolving fund. Another ten percent will be paid into the dwelling unit revolving fund. The bill also repeals and replaces statutory material related to these funds. The changes will take effect on July 1, 2025.