HI HB1340

Removes the $71,000,000 per fiscal year cap on deposits into the Tourism Special Fund from Transient Accommodations Tax revenues, effective July 1, 2020.

Eliminates language that limited tourism special fund deposits for the period of July 1, 2012 through June 30, 2015, allowing all applicable transient accommodations tax revenues to be deposited without restriction.

Maintains the requirement that $2,000,000 per fiscal year from the tourism special fund be expended for development and implementation of initiatives related to expanded visa programs and increased travel opportunities for international visitors.

Preserves the existing distribution structure for transient accommodations tax revenues allocated to the convention center enterprise special fund (17.3%), tourism special fund (34.2%), and county transfers (44.8%).