Imposes a surcharge on the net capital gain from the transfer or conveyance of agricultural land in Hawaii.

Hawaii SB247 introduces a surcharge on the net capital gain from the transfer or conveyance of agricultural land. The surcharge rate varies based on the duration the land was held, ranging from less than four months to less than six years. The surcharge applies in addition to existing taxes. The surcharge rates are specified in the bill, with higher rates for shorter holding periods. The Act takes effect on July 1, 2025.

Imposes a surcharge on the net capital gain from the transfer or conveyance of agricultural land in Hawaii.

Hawaii SB247 introduces a surcharge on the net capital gain from the transfer or conveyance of agricultural land. The surcharge rate varies based on the duration the land was held, ranging from less than four months to less than six years. The surcharge applies in addition to existing taxes. The surcharge rates are specified in the bill, with higher rates for shorter holding periods. The Act takes effect on July 1, 2025.