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A BILL FOR AN ACT <br />RELATING TO THE CONVEYANCE TAX. <br />BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: <br />SECTION 1. The legislature finds that the health, <br />happiness, and well-being of Hawaii's people depends on the <br />State's ability to address the high cost of living, particularly <br />the high cost of housing, that is fueling the homelessness <br />crisis and forcing local families to move out of the State. The <br />sustainability of the State's unique and irreplaceable natural <br />resources is critical to its residents' quality of life. To <br />address these problems and secure a prosperous future for the <br />State's children, greater investment into public resources from <br />a sustainable revenue source is needed to reduce the cost of <br />housing for residents, preserve the-State's natural resources, <br />and provide solutions for community members experiencing <br />houselessness. <br />The legislature also finds that the conveyance tax, a one- <br />time tax at the time of real property sales, is an appropriate <br />revenue source for affordable housing, land conservation, and <br />homeless services. Although housing prices in the State have <br />risen dramatically over the past thirteen years, the State's <br />conveyance tax rates have not been updated since Act 59, Session <br />Laws of Hawaii 2009. Presently, the State's conveyance tax is <br />