SB592 amends Hawaii tax law to modify the taxation of real estate investment trusts.

SB592 amends Hawaii tax law to modify the taxation of real estate investment trusts. The bill specifies that certain Internal Revenue Code sections will not apply to Hawaii tax law unless otherwise provided. It also mandates that real estate investment trusts notify the Hawaii Department of Taxation within 15 days of beginning operations in the state and submit specific documentation with their tax returns. The changes apply to taxable years beginning after December 31, 2025.

SB592 amends Hawaii tax law to modify the taxation of real estate investment trusts.

SB592 amends Hawaii tax law to modify the taxation of real estate investment trusts. The bill specifies that certain Internal Revenue Code sections will not apply to Hawaii tax law unless otherwise provided. It also mandates that real estate investment trusts notify the Hawaii Department of Taxation within 15 days of beginning operations in the state and submit specific documentation with their tax returns. The changes apply to taxable years beginning after December 31, 2025.