HI SB924

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 inoperative for Hawaii tax purposes.

Adds two new provisions to Section 235-2.4(j) of Hawaii Revised Statutes that exclude the federal definition of qualified residence and treatment of home mortgage interest deductions for married individuals filing separately from Hawaii tax law.

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 before the regular sessions of 2024, 2025, 2026, 2027, and 2028.

Applies to taxable years beginning after December 31, 2022, with an effective date of July 1, 2050.