HI HB2416

Adds a new exemption (section 247-3(18)) to Hawaii's conveyance tax for certain first-time homebuyers purchasing properties that were previously furnished as transient accommodations between January 1, 2023, and June 30, 2024.

Exemption applies to properties valued at $2,000,000 or less conveyed to individuals who are not immediate family members of current owners, have no prior real property ownership interests, and intend to occupy the property as their primary residence for at least two years.

Requires all outstanding taxes on gross income, gross rental, or gross rental proceeds from the transient accommodation use to be paid before the exemption applies.

Requires transferees to file a declaration under penalty of perjury regarding intent to occupy the property as primary residence and certificates confirming all exemption requirements are met.

The exemption period runs from June 30, 2024, to December 31, 2025, with the entire provision set to expire and be repealed on January 1, 2026; effective date listed as July 1, 3000 (apparent typographical error).