HI SB2044

Establishes a new controlling interest transfer tax on the transfer or acquisition of 50% or more ownership in entities that hold real property located in Hawaii within any 36-month period.

Defines "controlling interest" as 50% or more of voting stock/capital for for-profit corporations, or 50% or more capital/beneficial interest for other entities, partnerships, and trusts.

Applies existing conveyance tax rates (ranging from $0.10 to $1.00 per $100 of property value) to controlling interest transfers, with fair market value based on county real property assessments.

Removes dollar caps on conveyance tax distributions and allocates 10% of collected conveyance taxes to the Dwelling Unit Revolving Fund for transit-oriented development infrastructure programs.

Effective date: January 1, 3000 (effectively establishing the law for future implementation once the date arrives).