RELATING TO TAXATION.
Sponsored By: Angus L.K. McKelvey (Democratic)
In Committee
Summary
Imposes an excise tax on certain hedge funds failing to dispose of excess single-family residences, escalating over a ten-year period. Imposes a tax on any newly acquired single-family residences by a hedge fund. Makes certain exemptions. Requires the Department of Taxation to establish a certification process to ensure buyers of homes sold by hedge funds are not major investors in residential real estate. Establishes the Housing Down Payment Trust Fund to be administered by the Hawaii Housing Finance and Development Corporation to provide grants to establish new or supplement existing programs that provide down payment assistance to families purchasing homes within the State. Allocates collected tax revenue and penalties paid by hedge funds to the Housing Down Payment Trust Fund. Applies to taxable years beginning after 12/31/2025.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Angus L.K. McKelvey
Democratic • Senate
Cosponsors
Stanley Chang
Democratic • Senate
Joy A. San Buenaventura
Democratic • Senate
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Carried over to 2026 Regular Session.
12/8/2025The committee on HOU deferred the measure.
2/4/2025SenateThe committee(s) on HOU has scheduled a public hearing on 02-04-25 1:00PM; Conference Room 225 & Videoconference.
1/31/2025SenateReferred to HOU, WAM/JDC.
1/23/2025SenatePassed First Reading.
1/21/2025SenateIntroduced.
1/17/2025Senate
Bill Text
Original
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