S.B. 2416 Summary

• Increases real estate conveyance tax rates for properties valued at $2,000,000 or more, with rates ranging from $1.50 to $4.50 per $100 of value (compared to previous $0.50 to $1.00 per $100).

• Increases conveyance tax rates for non-homeowner purchases of condominiums and single-family residences, with rates ranging from $2.00 to $5.00 per $100 of value for properties $2,000,000 and above.

• Removes the $38,000,000 cap on the amount of conveyance taxes deposited into the rental housing revolving fund, requiring 50% of all collected taxes to be paid into the fund with no maximum limit.

• Adds exemption for real property subject to a government assistance program qualified by the Hawaii housing finance and development corporation and used for affordable housing for qualified persons in the State.

• Effective date: July 1, 2050.