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HI HB1209
Bill
Status
1/27/2021
Primary Sponsor
Mark Hashem
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AI Summary
H.B. 1209 Summary
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Requires the Department of Taxation to suspend and refund personal and corporate income tax amounts by January 1, 2026, upon enactment of state law specifying real property tax amounts.
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Contingent on ratification of a constitutional amendment to Article VIII, Section 3 that grants the State authority to levy and assess real property taxes, currently an exclusive county power.
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Intended to eliminate personal and business income taxes and replace them with state-level real property taxes as a revenue source.
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Proposes to eventually double homeowner and senior exemptions on real property taxes to reduce overall tax burden on local residents.
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Effective date is July 1, 2050, with Section 2 taking effect upon ratification of the constitutional amendment; contingent on enactment of House Bill No. 1208, H.D. 2.
Legislative Description
Relating To Taxation.
DOTAX
Last Action
Report adopted. referred to the committee(s) on FIN as amended in HD 2 with Representative(s) Har, Matayoshi, Matsumoto, Tam, Tokioka, Wildberger voting aye with reservations; Representative(s) Kapela, Okimoto, Perruso, Ward voting no (4) and Representative(s) McKelvey excused (1).
2/15/2022