HI SR118

Requests the Governor and Legislature to convene a joint task force to identify ways to collect uncollected revenues, generate revenue through tax measures with minimal impact on low- and moderate-income families, and reduce state costs by re-describing positions and eliminating unnecessary vacancies.

Task force composition includes the Senate Committee on Ways and Means Chair (or designee), House of Representatives Committee on Finance Chair (or designee), and a Governor-designated representative from the Office of the Governor.

Identifies potential uncollected revenue sources including transient accommodations taxes and general excise taxes from illegal vacation rentals, transient accommodations taxes from hotel resort fees, and taxes from online transient accommodation intermediaries.

Suggests potential revenue increases from conveyance tax rates on residential investment properties valued at $2,000,000 or more, increasing nonresident real property disposition tax withholding from five to nine percent, and amending time share occupancy tax formulas.

Requires the Governor to share the six-year financial plan with the Legislature at least twenty days before each regular session and strongly encourages the task force to meet quarterly to review and update the financial plan.