HI HB1163

Modifies the definition of "fair market rental value" for time share units from one-half to 150% of gross daily maintenance fees effective July 1, 2011

Imposes a new 7.25% transient accommodations tax on resort time share vacation unit occupants based on fair market rental value effective January 1, 2012

Levies an additional 2% transient accommodations tax on resort time share unit occupants for the period January 1, 2012 to June 30, 2015, in addition to the 7.25% base rate

Makes plan managers liable for and required to pay the transient accommodations taxes on time share units to the State of Hawaii

Directs revenues from the new 2% additional tax (subsections b and e of section 237D-2) to be deposited into the general fund rather than distributed to counties and tourism funds