HB 2364 Summary

• Restructures Hawaii conveyance tax rates with tiered brackets ranging from properties under $600,000 to $26,000,000 or greater, with specific rates for each value tier.

• Establishes separate, lower conveyance tax rates for multifamily residential properties (structures with 5+ dwelling units in urban land use districts) across similar value tiers.

• Adds new exemption from conveyance tax for individuals who are owner-occupants or renter-occupants with no direct or indirect ownership interest in other real property.

• Eliminates dollar caps on conveyance tax allocations to the Land Conservation Fund (10%) and Rental Housing Revolving Fund (50%), allowing full percentages to be distributed.

• Allocates 10% of conveyance tax collections to the Dwelling Unit Revolving Fund for infrastructure programs in transit-oriented development areas; effective July 1, 3000.