HI SB362

Increases conveyance tax rates on condominiums and single-family residences for non-homeowner-exempt purchasers with values of $2,000,000 or more (rates rise from 60 cents to $1.20 per $100 for $2M-$4M properties, 85 cents to $1.70 per $100 for $4M-$6M properties, $1.10 to $2.20 per $100 for $6M-$10M properties, and $1.25 to $2.50 per $100 for properties $10M or greater).

Exempts from conveyance tax real property conveyed for development or acquisition of affordable housing under a government assistance program qualified and administered by the Hawaii housing finance and development corporation.

Exempts from conveyance tax real property conveyed to an individual who is an owner-occupant or renter-occupant and has no ownership interest in any other real property.

Removes the $38,000,000 annual cap on conveyance tax revenues deposited into the rental housing revolving fund, allowing 50 percent of all collected taxes to be deposited without limitation.

Effective date: July 1, 2050.