HB2750 Summary

• Increases conveyance tax rates on real property transfers, with higher rates applied to properties valued over $600,000 and purchasers ineligible for county homeowner exemptions.

• Adds new exemption from conveyance tax for real property transfers subject to government assistance programs for affordable housing administered by the Hawaii Housing Finance and Development Corporation or related agencies.

• Increases allocation of conveyance tax revenue to the Land Conservation Fund from 10% to 15% of collected taxes each fiscal year.

• Increases allocation of conveyance tax revenue to the Rental Housing Revolving Fund from 50% to 80% of collected taxes each fiscal year to support rental housing development for low-income households.

• Effective date: January 1, 2019.