Eliminates the home mortgage interest deduction for second homes under Hawai'i income tax law.
This bill eliminates the home mortgage interest deduction for second homes under Hawai'i income tax law. It amends the Internal Revenue Code to exclude certain provisions related to mortgage interest deductions. The Department of Budget and Finance, in consultation with the Department of Taxation, must submit a report on the administration of this Act to the legislature before the regular sessions of 2026, 2027, 2028, 2029, and 2030. The changes apply to taxable years beginning after December 31, 2024.
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