HI SB3028

Restructures Hawaii's conveyance tax from flat rates to a marginal rate system, with rates increasing at property value thresholds ($600,000, $1,000,000, $2,000,000, $4,000,000, $6,000,000, and $10,000,000)

Adds a portion of conveyance tax revenue as a new funding source for the Special Land and Development Fund to support trail and access land acquisition under the Hawaii Statewide Trail and Access Program

Directs a portion of conveyance tax revenue to the Dwelling Unit Revolving Fund specifically for infrastructure programs in county-designated transit-oriented development areas meeting density requirements

Calculates conveyance tax for multifamily residential properties (5+ units in urban districts) based on per-unit value rather than total property value to determine applicable tax rate

Requires annual cost-of-living adjustments to conveyance tax value thresholds beginning after December 31, 2027, based on the Urban Hawaii Consumer Price Index, with effective date of July 1, 2050