HI HB1324

Establishes a commercial rent relief grant program administered by the Department of Business, Economic Development, and Tourism, funded through federal stimulus payments to the State.

Property owners of commercial, hotel/resort, or industrial properties are eligible for grants up to 3% of 2019 taxable revenue or three months of full rent (whichever is less), provided they forgive an equivalent amount of rent to eligible tenants.

Eligible tenants must be small businesses operating in Hawaii with leases dated before March 20, 2020, demonstrating at least a 40% decline in taxable revenue, and with majority owners who are Hawaii residents.

Property owners receiving grants must not evict tenants for nonpayment of forgiven rent and must report to DBEDT within 60 days documenting the rent forgiveness provided to each tenant.

Appropriates funds from the emergency and budget reserve fund for fiscal years 2021-2022 and 2022-2023, with effective date of July 1, 2050.