HI SB686

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

Imposes an education surcharge on visitor accommodations at specified daily rates (amounts left blank in the bill text), collected monthly by county directors of finance from operators and plan managers.

Creates an education special fund administered by the department of education to receive surcharge revenues, which are in addition to other education appropriations and exempt from state and county taxes.

Counties retain 5 percent of residential surcharge collections to cover assessment and collection costs, with remaining balances remitted quarterly to the state.

Establishes enforcement authority with the department overseeing administration and counties handling examinations and compliance, with appeals procedures modeled on real property tax processes.

Effective date: July 1, 2050 (making this measure prospective rather than immediately effective).