HI SB97

Applies Hawaii's conveyance tax to transfers of controlling interest (50% or more ownership) in entities holding Hawaii real property within any 24-month period when the transfer results from one or more transactions by a person or persons acting in concert.

Exempts transfers from limited partners to general partners of affordable rental housing projects with low-income housing tax credits and transfers between existing co-owners with a minimum three-year ownership history.

Requires conveyance tax determination based on fair market value of the real property if actual consideration cannot be determined from the entity transfer value.

Taxes certain entity restructuring transactions (mergers, consolidations, partnerships dissolving to corporate general partners, and wholly owned entity transfers) at the lowest conveyance tax rate regardless of property value.

Effective date: July 1, 2050.