Bill > SB3028

This bill restructures the conveyance tax, which is a tax on the transfer of property, by implementing a marginal rate system, meaning the tax rate increases as the value of the property increases, and adjusts this tax for multifamily properties to be calculated on a per-unit basis rather than the total property value. It also modifies how the collected conveyance tax is distributed, allocating portions to the Land Conservation Fund and the Rental Housing Revolving Fund, while establishing two new funds: the Special Land and Development Fund, intended to finance the acquisition of land for the Hawaii Statewide Trail and Access Program, and the Dwelling Unit Revolving Fund, which will support infrastructure programs in areas designated by counties for transit-oriented development, defined as areas around transit hubs with specific density requirements and streamlined permitting processes.

Agriculture and Natural Resources, Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=3028&year=2026