HI SB686

Establishes an education surcharge on residential investment property at $7.50 per $1,000 of assessed property value, collected by counties and remitted to the state education special fund.

Establishes an education surcharge on visitor accommodations at specified daily rates (amounts left blank in the bill text) based on accommodation cost, with monthly reporting requirements to county directors of finance.

Counties retain 5% of collected surcharge revenues to cover administrative costs of assessment and collection, with remaining balances remitted quarterly to the state.

Creates an education special fund administered by the department of education to receive all surcharge proceeds and interest, with funds exempt from state and county taxes.

Effective date is July 1, 2050 (33 years after the 2017 legislative session).