HB 974 - Land Conservation Fund

• Increases the percentage of conveyance taxes deposited into the Land Conservation Fund from 10% to 20% annually.

• Modifies Hawaii Revised Statutes Section 247-7 to redirect 20% of taxes collected under Chapter 247 to the land conservation fund instead of the general fund.

• Authorizes the Land Conservation Fund to support acquisition of land interests, debt service on land acquisitions, administration costs (up to 5% of annual revenues), and operation/maintenance/management of acquired lands (up to 5% of annual revenues).

• Notes that the legacy lands program established under Act 156 (2005) has acquired over 2,500 acres across five islands but lacks sufficient funding to acquire additional threatened resources and habitats.

• Takes effect July 1, 2009.