HI HB1163

Modifies the definition of "fair market rental value" for time share units from one-half to 150 percent of gross daily maintenance fees paid by the owner.

Imposes a new 7.25 percent transient accommodations tax on occupants of resort time share vacation units, effective January 1, 2012.

Adds an additional 2 percent tax on occupants of resort time share units for the period January 1, 2012 to June 30, 2015, on top of the base 7.25 percent rate.

Requires plan managers to be liable for and collect the transient accommodations taxes imposed on time share occupants.

Directs revenues from the new time share taxes to be deposited into the general fund rather than distributed under existing revenue allocation formulas.