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HI HB1388

Bill

Official Source

Status

Engrossed

3/9/2021

Primary Sponsor

Ernesto Ganaden

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • Eliminates the home mortgage interest deduction for second homes under Hawaii income tax law by amending Section 235-2.4, Hawaii Revised Statutes
  • Makes inoperative Section 163(h)(4)(A)(i)(II) and Section 163(h)(4)(A)(ii)(II) of the Internal Revenue Code, which define qualified residences and govern home mortgage interest deduction treatment for married individuals filing separately
  • Requires the Department of Budget and Finance, in consultation with the Department of Taxation, to submit reports on administration of this Act to the legislature no later than twenty days before regular sessions in 2022, 2023, 2024, 2025, and 2026
  • Takes effect July 1, 2050, and applies to taxable years beginning after December 31, 2020

Legislative Description

Relating To Taxation.

Income Tax

Last Action

Referred to CPN, WAM.

3/11/2021

Committee Referrals

Commerce and Consumer Protection3/11/2021
Finance2/18/2021
Economic Development2/1/2021

Full Bill Text

No bill text available