HB929

Imposes a surcharge on net capital gains from the transfer or conveyance of agricultural land in Hawaii.

The bill amends Chapter 247 of the Hawaii Revised Statutes to impose a surcharge on the net capital gain from the transfer or conveyance of agricultural land. The surcharge rate varies based on the duration the land was held, ranging from less than four months to less than six years. The surcharge applies in addition to any existing taxes. The bill defines "agricultural land" as lands in an agricultural district classified under chapter 205. The changes will take effect on July 1, 2025.