HI HR109

Urges the Governor and Honolulu city leaders to collaborate with the Legislature to develop a plan providing tax incentives for local residents purchasing property in Hawaii.

Identifies barriers to homeownership for Hawaii residents including high cost of living, regressive general excise tax structure, and current income tax policies.

Notes that out-of-state and foreign investors benefit disproportionately from Hawaii's low property taxes and appreciating property values while local residents struggle with affordability.

Proposes potential solutions including state refundable tax credits for residents, graduated property tax rates based on assessed value and ownership, and examination of general excise, income, and property tax interactions.

Requires certified copies of the resolution be transmitted to the Governor, Mayor of Honolulu, and all Honolulu City Council members.