| 47 | | - | 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 establishing a reliable, consistent 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; support Native Hawaiian cultural practices, including the preservation of significant archaeological and natural resources; and help to maintain sufficient open space and breathing room for residents and visitors, all of which serve the best interests of the people of Hawaii. In addition, reliable funding for the acquisition and management of resource value lands strengthens the State's portfolio of high-value, long-term investments 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 a certain amount of funding is made available for the land conservation fund program. 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 Statutory material to be repealed is bracketed and stricken.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. |
|---|
| 47 | + | 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 establishing a reliable, consistent 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; support Native Hawaiian cultural practices, including the preservation of significant archaeological and natural resources; and help to maintain sufficient open space and breathing room for residents and visitors, all of which serve the best interests of the people of Hawaii. In addition, reliable funding for the acquisition and management of resource value lands strengthens the State's portfolio of high-value, long-term investments 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 legacy land conservation program by restoring the amount of conveyance tax revenues to be paid into the land conservation fund to ten per cent of conveyance taxes collected each fiscal year. 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. SECTION 4. This Act shall take effect on July 1, 2025. INTRODUCED BY: _____________________________ |
|---|