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HI SB924

Bill

Official Source

Status

Engrossed

3/7/2023

Primary Sponsor

Karl Rhoads

Click for details

Origin

Senate

2023 Regular Session

AI Summary

  • Eliminates the home mortgage interest deduction for second homes under Hawaii income tax law by amending Section 235-2.4, Hawaii Revised Statutes.

  • Adds provisions to exclude Section 163(h)(4)(A)(i)(II) and Section 163(h)(4)(A)(ii)(II) of the Internal Revenue Code from operative status in Hawaii, which define qualified residences and treatment of home mortgage interest deductions for married individuals filing separately.

  • Requires the department of budget and finance, in consultation with the department of taxation, to submit reports to the legislature on the administration of this Act no later than twenty days prior to the convening of regular sessions in 2024, 2025, 2026, 2027, and 2028.

  • Takes effect July 1, 2050, with application to taxable years beginning after December 31, 2022.

Legislative Description

Relating To Taxation.

Income Tax

Last Action

Report adopted; referred to the committee(s) on FIN with Representative(s) Matsumoto voting aye with reservations; Representative(s) Alcos, Garcia, Kong, Pierick, Ward voting no (5) and Representative(s) Ilagan excused (1).

3/24/2023

Committee Referrals

Finance3/24/2023
Economic Development3/16/2023
Housing3/9/2023
Ways and Means2/17/2023
Housing1/27/2023

Full Bill Text

No bill text available