Hawaii SB1033 imposes a tax on certain taxpayers who acquire and fail to sell excess single-family residences, with revenues funding a housing.

Hawaii SB1033 amends the Hawaii Revised Statutes to impose a tax on applicable taxpayers who acquire and fail to sell excess single-family residences. The tax is equal to fifty percent of the fair market value of the residence. Applicable taxpayers include those managing funds pooled from investors, excluding certain tax-exempt organizations and those primarily engaged in construction or rehabilitation of single-family residences. The tax revenue is deposited into the housing downpayment trust fund, which provides downpayment assistance to families purchasing homes.

Hawaii SB1033 imposes a tax on certain taxpayers who acquire and fail to sell excess single-family residences, with revenues funding a housing.

Hawaii SB1033 amends the Hawaii Revised Statutes to impose a tax on applicable taxpayers who acquire and fail to sell excess single-family residences. The tax is equal to fifty percent of the fair market value of the residence. Applicable taxpayers include those managing funds pooled from investors, excluding certain tax-exempt organizations and those primarily engaged in construction or rehabilitation of single-family residences. The tax revenue is deposited into the housing downpayment trust fund, which provides downpayment assistance to families purchasing homes.