Hawaii HB2150 amends state tax law to disallow the dividends paid deduction for real estate investment trusts, ensuring income generated from these.

Hawaii HB2150 modifies state tax law to disallow the dividends paid deduction for real estate investment trusts. This change aims to ensure that income generated from these trusts within the state is taxed. The bill addresses the issue that most income from real estate investment trusts operating in Hawaii is currently not taxed at the state level, despite being generated using state resources. The amendment affects taxable years beginning after December 31, 2025, and imposes specific reporting requirements on real estate investment trusts operating in Hawaii.

Hawaii HB2150 amends state tax law to disallow the dividends paid deduction for real estate investment trusts, ensuring income generated from these.

Hawaii HB2150 modifies state tax law to disallow the dividends paid deduction for real estate investment trusts. This change aims to ensure that income generated from these trusts within the state is taxed. The bill addresses the issue that most income from real estate investment trusts operating in Hawaii is currently not taxed at the state level, despite being generated using state resources. The amendment affects taxable years beginning after December 31, 2025, and imposes specific reporting requirements on real estate investment trusts operating in Hawaii.