HI HB613

Establishes a new real property tax exemption special fund to receive a portion of conveyance tax revenues and interest earned on fund moneys.

Requires allocation of conveyance tax revenues to the special fund to replace property tax revenue losses for counties with populations of 500,000 or more that provide tax exemptions to seniors age 65+ with income at or below a specified percentage of median family income.

Modifies Section 247-7 to direct a percentage of annual conveyance tax collections (amount unspecified in bill) to the real property tax exemption special fund, in addition to existing allocations to the land conservation fund and rental housing revolving fund.

Appropriates unspecified sums from the special fund for fiscal years 2023-2024 and 2024-2025 to the City and County of Honolulu to replace property tax revenue losses from senior citizen exemptions.

Effective date: July 1, 2023.