HawaiiRELATING TO TAXATION.
What it does
Imposes an excise tax on certain hedge funds failing to dispose of excess single-family residences, escalating over a ten-year period. Imposes a tax on any newly acquired single-family residences by a hedge fund. Makes certain exemptions.
More detail
Requires the Department of Taxation to establish a certification process to ensure buyers of homes sold by hedge funds are not major investors in residential real estate. Establishes the Housing Down Payment Trust Fund to be administered by the Hawaii Housing Finance and Development Corporation to provide grants to establish new or supplement existing programs that provide down payment assistance to families purchasing homes within the State. Allocates collected tax revenue and penalties paid by hedge funds to the Housing Down Payment Trust Fund. Applies to taxable years beginning after 12/31/2025.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Dec 8Carried over to 2026 Regular Session.Latest
- Feb 4The committee on HOU deferred the measure.Minor
- Jan 31The committee(s) on HOU has scheduled a public hearing on 02-04-25 1:00PM; Conference Room 225 & Videoconference.
- Jan 23Referred to HOU, WAM/JDC.Minor
- Jan 21Passed First Reading.Minor
- Jan 17Introduced.Introduced