Bill > SB678

This bill: 1. Increases the conveyance tax rates, with higher rates for more expensive properties. The conveyance tax is a one-time tax paid upon the sale of real estate. 2. Exempts the conveyance tax on property with a restriction on increasing the rental price or resale price above any increase in the consumer price index for at least 30 years. 3. Removes the maximum disposition caps on the amounts allocated from the conveyance tax to the Rental Housing Revolving Fund and Legacy Land Use Conservation Fund, allowing more funding for affordable housing and land conservation efforts. 4. Allocates 10% of the conveyance tax revenue to a new Homeless Services Fund, which will be used to fund homeless services and supportive housing programs. 5. Creates the Homeless Services Fund within the state treasury to receive and allocate the 10% of conveyance tax revenue designated for homeless services and supportive housing. The purpose of this bill is to increase sustainable funding for affordable housing, land conservation, and homeless services in Hawaii by raising the conveyance tax rates and dedicating a portion of the revenue to these critical needs.

Health and Social Services

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=678&year=2024