HI HB373

Amends Hawaii Revised Statutes Section 237D-6.5(b) to change the allocation method for transient accommodations tax revenues distributed to counties from fixed dollar amounts to a percentage-based formula.

Maintains existing allocations for convention center enterprise special fund ($26,500,000), tourism special fund ($82,000,000), and Turtle Bay conservation easement special fund ($3,000,000).

County allocations by percentage: Kauai County receives 14.5%, Hawaii County receives 18.6%, City and County of Honolulu receives 44.1%, and Maui County receives 22.8% of revenues collected.

Includes provision requiring the state director of finance to retain funds representing the difference between a county's annual required contribution and actual contributions to pension trust funds and deposit those amounts to satisfy county obligations under Section 87A-42, effective for fiscal year 2018-2019 onward.

Takes effect on July 1, 2015.