RELATING TO ECONOMIC DEVELOPMENT.
What changed between versions
Changed the bill's stated purpose from climate emergency mitigation and resiliency to increasing the transient accommodations tax to fund economic development and tourism revitalization projects.
Removed the creation of a new 'climate mitigation and resiliency special fund' that was to be administered by the Department of Defense.
Added specific allocations to existing special funds including Turtle Bay conservation easement ($1.5M), convention center enterprise ($11M), tourism emergency ($5M), and special land and development ($3M).
Modified tax rate provisions in HRS 237D-2, extending certain rates through 2030 and adding new distribution requirements for tax revenues.
Removed the requirement for the Department of Defense to convene a selection committee to review and recommend climate resiliency projects.
Added new allocation requirements directing 7.3% of transient accommodations tax revenue to the general fund for climate change projects and 7.3% for economic development and revitalization projects.
Changed the effective date from an unspecified time to July 1, 3000, which appears to be an error or placeholder date.