HI HB1702

Amends Hawaii Revised Statutes Section 235-51(f) to add an exemption from the capital gains tax for taxpayers age 65 or older selling residential property.

The 7.25 percent capital gains tax rate would no longer apply to net capital gains from the sale of a residential property by seniors (age 65+).

Applies to taxable years beginning after December 31, 2021.

Maintains the existing capital gains tax structure for all other taxpayers and capital gains sources.