HI SCR12

Urges U.S. Congress to extend tax deductions currently available to business entities (like REITs) to individual homeowners who occupy their properties

Current federal tax law allows businesses to deduct property-related expenses including interest, depreciation, property taxes, insurance, maintenance fees, and utilities, while homeowners can only deduct mortgage interest

Addresses concerns that large real estate investors receive favorable tax treatment compared to average homeowners, creating a structural disadvantage

Identifies housing costs as Hawaii's number one barrier to homeownership, with limited tax deductions adding an additional hurdle for aspiring homeowners

Directs certified copies of the resolution be sent to U.S. Congressional leadership and Hawaii's Congressional delegation