HI HB286

Requires real estate investment trusts (REITs) operating in Hawaii to notify the Department of Taxation of their presence in the state by January 15, 2022 (or within 15 days of first operation for new REITs).

Mandates REITs properly designate themselves as such on their tax returns and complete returns in the specific manner required by the department, including line-by-line instructions.

Requires REITs to submit a copy of their federal tax return covering the same period with each state tax return filed with the department.

Imposes a penalty of $50 per day for any REIT that fails to comply with these notification and reporting requirements.

Applies to taxable years beginning after December 31, 2021.