Hawaii Lawmakers are introducing bills that might interest you.
1. Conveyance Tax
The legislative session is when Hawaii lawmakers get together to figure out how to pay for the services to keep Hawaii running. It’s still February, but Hawaii lawmakers have already introduced a bill to increase the conveyance tax.
“The conveyance tax is imposed on all transfers of ownership or interest in real property through deeds, leases, subleases, assignments of the lease, agreements of sale, assignments of agreements of sale, instruments, writings, or other documents unless the transfer is specifically exempted. The conveyance tax is imposed regardless of whether a document is recorded or not.”
A lawmaker introduced Hawaii House Bill 2364 on January 24, 2024. Here is the summary of the bill:
“Increases the conveyance tax rate for certain properties. Exempts conveyances of certain real property from the conveyance tax. Eliminates the cap on the amount of conveyance tax collections allocated to the land conservation fund and rental housing revolving fund. Allocates ten percent of conveyance tax collections to the Dwelling Unit Revolving Fund for the purpose of funding infrastructure programs in transit-oriented development areas.”