HI SB301

Disallows the dividends paid deduction for Real Estate Investment Trusts (REITs) for taxable years beginning after December 31, 2019.

For taxable years beginning before January 1, 2020, limits the deduction for dividends paid to the amount of dividends attributable to income taxable under Hawaii law.

Adds Section 857(b)(2)(B) of the Internal Revenue Code to the list of federal tax provisions that are not operative under Hawaii tax law.

Applies to taxable years beginning after December 31, 2019 and automatically repeals on December 31, 2023, with prior law restored.