SB1033

Hawaii SB1033 imposes a tax on certain taxpayers for owning multiple single-family residences and failing to sell excess properties.

Hawaii SB1033 introduces a tax on applicable taxpayers owning multiple single-family residences. The tax is equal to fifty percent of the fair market value of any newly acquired single-family residence. For taxpayers failing to sell excess residences, the tax is $50,000 multiplied by the number of excess residences. The bill defines "applicable taxpayer" and "disqualified sale," and outlines reporting and certification requirements.