Bill > SB41

This bill modifies the allocation of conveyance tax collections in Hawaii by establishing a new funding mechanism for housing-related revolving funds. Specifically, the legislation requires that ten percent of conveyance tax collections be paid into the Dwelling Unit Revolving Fund, which is designed to support housing development programs and regional state infrastructure projects. The bill also removes the previous annual cap on conveyance taxes paid into the Rental Housing Revolving Fund, allowing for more flexible funding. The Dwelling Unit Revolving Fund can now use these new tax revenues to reimburse the general fund, cover administrative expenses, and support various housing initiatives, including community facilities, infrastructure development, financing for housing projects, and meeting federal requirements for low-income housing tax credits. The changes will take effect on July 1, 2025, providing a structured approach to generating and utilizing funds for affordable housing and related infrastructure development in the state.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=41&year=2026