HB1213

Hawaii HB1213 amends the basis and rate of tax on the sale of real property and leases.

Hawaii HB1213 modifies the tax rates for the sale of real property and leases, introducing tiered rates based on property value. For leases or subleases with a term of five years or more, the tax is calculated based on the discounted present value of lease rentals and the actual consideration paid. For property sales, the tax rates vary from ten cents to one dollar and twenty-five cents per $100, depending on the property's value.