SB247

Hawaii SB247 imposes a surcharge on net capital gains from the transfer or conveyance of agricultural land, based on the duration the land was held.

Hawaii SB247 introduces a surcharge on the net capital gain from the transfer or conveyance of agricultural land, depending on how long the land was held. The surcharge rates vary from 1% for land held less than four months to 1% for land held for five years but less than six years. The bill defines "agricultural land" as lands in an agricultural district classified under chapter 205. The surcharge applies in addition to any existing taxes and takes effect on July 1, 2025.