HI SB2056

Proposes constitutional amendment to Article VIII, Section 3 to allow the legislature to establish a surcharge on residential investment property, exempting this from the county's exclusive real property taxation authority.

Amends Article X, Section 1 to authorize the legislature to establish a surcharge on residential investment property valued at $3,000,000 or greater to increase funding for public education.

Defines "residential investment property" as all real property used for residential purposes that does not serve as the owner's primary residence, excluding affordable housing developments subject to state or county regulatory agreements.

Places constitutional question on ballot asking whether the legislature should establish a surcharge on residential investment property valued at $3,000,000 or greater to increase education funding.

Addresses Hawaii's chronic underfunding of public education (ranked 49th nationally for education spending) and university system by creating new revenue source from nonresident investor-owned residential properties.