HI HB886

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 non-operative for Hawaii tax purposes.

Requires the Department of Budget and Finance, in consultation with the Department of Taxation, to submit reports on 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.

Takes effect on June 30, 3000, with an automatic sunset on July 1, 2028, at which time Section 235-2.4(j) of Hawaii Revised Statutes will be restored to its prior form.