SB2415 Summary

• Increases conveyance tax rates on residential investment properties (condominiums and single-family residences where purchaser is ineligible for county homeowner's exemption) valued at $2,000,000 or more, with rates ranging from $1 per $100 (previously 60 cents) up to $4 per $100 (previously $1.25) for properties valued at $10,000,000 or greater.

• Creates a new exemption from conveyance tax for real property transfers subject to government-assisted affordable housing programs qualified by the Hawaii Housing Finance and Development Corporation.

• Consolidates numerical dollar amounts in existing conveyance tax rate structure by replacing spelled-out numbers with numerals (e.g., "Ten cents" becomes "10 cents").

• Takes effect on January 1, 2050.