HI HB148

Establishes a 3% conveyance tax surcharge on the transfer or conveyance of prolonged vacant residential property in Hawaii.

Defines "prolonged vacant property" as real property that has been vacant for 180 or more days in a calendar year.

Applies the same exemptions to the vacancy surcharge as those provided under existing conveyance tax law (section 247-3).

Intended to disincentivize residential property speculation by discouraging investors from leaving units empty rather than contributing to the local rental market.

Takes effect on July 1, 2023.