SB1131

Imposes excise taxes on hedge funds and large investment entities owning or acquiring single-family residences beyond specified limits.

The End Hedge Fund Control of Hawaii Homes Act aims to discourage excessive property holdings by imposing excise taxes on hedge funds and other large investment entities that own or acquire single-family residences in excess of specified thresholds. The Act also seeks to promote affordable home ownership by establishing a housing down payment trust fund to provide grants for down payment assistance to State residents. The Act imposes a tax on newly acquired single-family residences and excess single-family residences owned by covered taxpayers.