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HI HB886
Bill
Status
1/25/2023
Primary Sponsor
Lisa Marten
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AI Summary
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Eliminates the home mortgage interest deduction for second homes under Hawaii income tax law by making Section 163(h)(4)(A)(i)(II) and Section 163(h)(4)(A)(ii)(II) of the Internal Revenue Code inoperative for Hawaii tax purposes.
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Requires the Department of Budget and Finance, in consultation with the Department of Taxation, to submit reports on the administration of this Act to the legislature no later than twenty days prior to the convening of regular sessions in 2024, 2025, 2026, 2027, and 2028.
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Takes effect on June 30, 3000, and sunsets on July 1, 2028, at which point Section 235-2.4(j) of the Hawaii Revised Statutes shall be reenacted as it existed prior to this Act's effective date.
Legislative Description
Relating To Taxation.
Income Tax
Last Action
Report adopted; referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Marten excused (1).
2/17/2023