HI HB373

Amends Section 237D-6.5 of Hawaii Revised Statutes regarding distribution of transient accommodations tax revenues to counties.

Changes county allocation from a specified dollar amount ($103,000,000 for fiscal years 2014-2016 and $93,000,000 thereafter) to an unspecified percentage basis of total revenues collected.

Maintains proportional distribution percentages among counties: Kauai County 14.5%, Hawaii County 18.6%, City and County of Honolulu 44.1%, and Maui County 22.8%.

Adds provision requiring the state director of finance to retain funds representing each county's unfunded annual required contribution to the separate trust fund established under section 87A-42, beginning fiscal year 2018-2019, if counties fail to remit required contributions.

Effective date: July 1, 2015.