Hawaii HB1273 modifies state tax rules for real estate investment trusts (REITs), including notification and reporting requirements.

Hawaii HB1273 amends state tax law to address the taxation of real estate investment trusts (REITs). The bill specifies that REITs must notify the state tax department of their operation within 15 days of starting business in Hawaii. REITs must also properly designate their status on tax returns and follow specific filing instructions. Additionally, REITs must submit a copy of their federal tax return with each state tax return. Failure to comply with these requirements results in a penalty of $50 per day. The changes apply to taxable years beginning after December 31, 2025.

Hawaii HB1273 modifies state tax rules for real estate investment trusts (REITs), including notification and reporting requirements.

Hawaii HB1273 amends state tax law to address the taxation of real estate investment trusts (REITs). The bill specifies that REITs must notify the state tax department of their operation within 15 days of starting business in Hawaii. REITs must also properly designate their status on tax returns and follow specific filing instructions. Additionally, REITs must submit a copy of their federal tax return with each state tax return. Failure to comply with these requirements results in a penalty of $50 per day. The changes apply to taxable years beginning after December 31, 2025.