| Measure Title: |
RELATING TO TAXATION.
|
| Report Title: |
DOTAX; HHFDC; Taxation; Hedge Funds; End Hedge Fund Control of Hawaii Homes; Excise Tax on Excess Single-Family Residences; Housing Down Payment Trust Fund; Grant Programs
|
| Description: |
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. 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.
|
| Companion: |
|
| Package: |
None
|
| Current Referral: |
HOU, WAM/JDC
|
| Introducer(s): |
MCKELVEY, CHANG, San Buenaventura
|
| Act: |
|
| Sort by Date | Chamber | Status Text |
| 2/4/2025 | S | The committee on HOU deferred the measure. |
| 1/31/2025 | S | The committee(s) on HOU has scheduled a public hearing on 02-04-25 1:00PM; Conference Room 225 & Videoconference. |
| 1/23/2025 | S | Referred to HOU, WAM/JDC. |
| 1/21/2025 | S | Passed First Reading. |
| 1/17/2025 | S | Introduced. |
S = Senate |
H = House |
D = Data Systems |
$ = Appropriation measure |
ConAm = Constitutional Amendment
Some of the above items require Adobe Acrobat Reader. Please visit
Adobe's download page
for detailed instructions.
SB1131