HI HB1673

Removes the $103,000,000 fixed cap on county distributions of transient accommodations tax revenues, replacing it with a formula allocating 44.8% of revenues collected after other distributions.

County allocation percentages remain unchanged: Kauai County 14.5%, Hawaii County 18.6%, City and County of Honolulu 44.1%, and Maui County 22.8%.

Maintains existing allocations for Turtle Bay conservation easement ($1,500,000), convention center enterprise fund ($26,500,000), tourism special fund ($82,000,000), and special land and development fund ($3,000,000).

Preserves the provision requiring counties to fund their annual required pension contributions under section 87A-42, with the state director of finance covering shortfalls from transient accommodations tax revenues.

Takes effect upon approval.