HI SB26

Establishes a Housing Savings Account System administered by an eight-member Housing Savings Account Board within the Department of Budget and Finance

Requires all employers in Hawaii to offer employees the opportunity to contribute to housing savings accounts through payroll deduction, with optional employer matching contributions

Implements automatic employee enrollment with a default contribution rate of 5% of compensation, allowing employees to opt out or elect a different contribution amount

Permits account funds to be withdrawn at any time without penalty and used for downpayments, mortgage payments, rent, or security deposits

Contributions are not exempt from Hawaii income tax and receive no additional tax benefits