Bill Text: HI SB2506 | 2018 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2018-02-21 - Referred to FIN, referral sheet 29 [SB2506 Detail]
Download: Hawaii-2018-SB2506-Amended.html
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THE SENATE |
S.B. NO. |
2506 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.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 1. Section 235-68, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Unless otherwise provided in this section,
every transferee shall deduct and withhold a tax equal to [five] 7.25
per cent of the amount realized on the disposition of Hawaii real
property. Every person required to
withhold a tax under this section is made liable for the tax and is relieved of
liability for or upon the claim or demand of any other person for the amount of
any payments to the department made in accordance with this section."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to real
estate dispositions that occur on or after September 15, 2018.
Report Title:
Hawaii Real Property Tax Law; Income Taxation; Nonresidents
Description:
Increases the taxes withheld on the amount realized by nonresidents from the disposition of Hawaii real property from 5% to 7.25%. Applies to real estate dispositions that occur on or after 9/15/18. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
