HI HB292

Requires the Department of Taxation to suspend and refund personal and corporate income tax amounts by January 1, 2027, upon enactment of state law specifying real property tax amounts and ratification of a constitutional amendment granting the State real property taxing authority.

Establishes legislative intent to eliminate personal and business income taxes and replace them with real property taxes as an alternative revenue source.

Identifies non-resident investment in Hawaii real estate as an issue, noting non-residents purchased approximately 25% of homes statewide (2008-2015) and 47% in Maui, Kauai, and Hawaii counties.

Intends to eventually double homeowner and senior exemptions on real property taxes to reduce the overall tax burden on local residents.

Takes effect upon approval, with the income tax suspension and refund provisions contingent on ratification of an amendment to article VIII, section 3 of the Hawaii State Constitution authorizing state-level real property taxation.