Bill Text: HI HB886 | 2024 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced) 2023-12-11 - Carried over to 2024 Regular Session. [HB886 Detail]
Download: Hawaii-2024-HB886-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
886 |
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THIRTY-SECOND LEGISLATURE, 2023 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO TAXATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 2. Section 235-2.4, Hawaii Revised Statutes, is amended by amending subsection (j) to read as follows:
"(j) Section 163 (with respect to interest) of the Internal Revenue Code shall be operative for the purposes of this chapter, except that the following provisions shall not be operative for the purposes of this chapter:
(1) Section 163(d)(4)(B) (defining net investment income to exclude dividends);
(2) Section 163(e)(5)(F) (suspension of applicable high-yield discount obligation (AHYDO) rules);
(3) Section 163(h)(3)(F) (limiting mortgage
interest); [and]
(4) Section 163(h)(4)(A)(i)(II)
(definition of qualified residence for home mortgage interest deduction);
(5) Section 163(h)(4)(A)(ii)(II)
(treatment of home mortgage interest deduction for married individuals filing
separately); and
[(4)] (6)
Section 163(i)(1) as it applies to debt instruments issued
after January 1, 2010 (defining AHYDO)."
SECTION 3. The department of budget and finance, in consultation with the department of taxation, shall submit a report on the administration of this Act to the legislature no later than twenty days prior to the convening of the regular sessions of 2024, 2025, 2026, 2027, and 2028.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on June 30, 3000; provided that on July 1, 2028, this Act shall be repealed and section 235-2.4(j), Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day prior to the effective date of this Act.
Report Title:
Home Mortgage Interest Deduction; Income Tax
Description:
Eliminates the home mortgage interest deduction for second homes under Hawaii income tax law. Sunsets on 7/1/2028. Effective 6/30/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
