HI SB3105 | 2024 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 24 2024 - 25% progression
Action: 2024-01-26 - Referred to HOU/EET, JDC/WAM.
Pending: Senate Housing Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 24 2024 - 25% progression
Action: 2024-01-26 - Referred to HOU/EET, JDC/WAM.
Pending: Senate Housing Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Requires the Director of Taxation to develop and administer a one-time tax amnesty program that would waive criminal prosecution, fines, penalties, and interest related to general excise tax and transient accommodations tax for qualified owners who convert an eligible property to a long-term rental through a two-year written resident lease agreement, subject to certain conditions. Provides a conveyance tax exemption for certain real property furnished as a transient accommodation during the period from January 1, 2023, to July 1, 2024. Provides an income tax exemption for capital gains from the sale of certain short-term rental properties furnished as transient accommodation and closing after June 30, 2024, and before January 1, 2026, subject to certain conditions.
Title
Relating To Taxation.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-01-26 | Senate | Referred to HOU/EET, JDC/WAM. |
2024-01-24 | Senate | Passed First Reading. |
2024-01-24 | Senate | Introduced. |
Same As/Similar To
HB2416 (Same As) 2024-03-07 - Referred to EET/WTL, WAM.
Subjects
Department of Taxation
Housing
Long-Term Rental Conversions
Rentals
Tax Amnesty Program
Tax Waivers and Exemptions
Transient Accommodation
Housing
Long-Term Rental Conversions
Rentals
Tax Amnesty Program
Tax Waivers and Exemptions
Transient Accommodation
Hawaii State Sources
Type | Source |
---|---|
Summary | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=3105&year=2024 |
Text | https://www.capitol.hawaii.gov/sessions/session2024/bills/SB3105_.HTM |