Hawaii HB1273 modifies state tax rules for real estate investment trusts, aligning them with federal tax provisions.
Hawaii HB1273 amends state tax laws to align the treatment of real estate investment trusts (REITs) with federal tax provisions. The bill specifies that certain federal Internal Revenue Code sections will not apply to state tax purposes unless otherwise provided. It also mandates that REITs must notify the state department of their operation, properly designate themselves as REITs on tax returns, and submit federal tax returns with state returns. The changes apply to taxable years beginning after December 31, 2025.
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