SB592

SB592 amends Hawaii tax law to modify the taxation of real estate investment trusts (REITs) by altering the tax rates and introducing new reporting.

SB592 introduces changes to the taxation of real estate investment trusts (REITs) in Hawaii. It modifies the tax rates for REITs, setting them at 4.4% for taxable income up to $25,000, 5.4% for income over $25,000 but not over $100,000, and 6.4% for income over $100,000. The bill also imposes new reporting requirements on REITs, including notifying the department of their operation as a REIT within 15 days of starting operations, properly designating their status on tax returns, completing tax returns according to department instructions, and submitting a copy of their federal tax return with.