HB 2747 Summary

• Amends Hawaii's individual housing account tax deduction provisions for accounts established after December 31, 2018, with increased contribution limits and aggregate caps (specific dollar amounts left blank in bill text).

• Requires homebuyer education from a HUD-approved housing counseling agency as a condition for taxpayers to claim deductions and receive distributions from individual housing accounts established after 2018.

• Adds community development financial institutions as eligible trustees for post-2018 individual housing accounts, expanding beyond banks, savings and loans, and credit unions.

• Reduces the prior homeownership lookback period from five years to three years for accounts established after 2018, and modifies the property holding period and tax recapture rules for those accounts.

• Effective date: January 1, 2050 (note: this unusually distant effective date appears in the bill text).