STAND. COM. REP. NO. 208
RE: H.B. No. 1209
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Your Committee on Economic Development, to which was referred H.B. No. 1209 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this measure is to require the Department of Taxation, by January 1, 2026, to suspend and refund certain income tax amounts received or withheld, upon the enactment of a state law specifying for the levy and assessment of real property taxes.
Your Committee finds that more non-residents are investing in Hawaii real estate due to the low property tax rates imposed by the counties. This measure gives the State the authority to determine real property taxes, which would provide the State with greater flexibility and control in its taxation of residents and non-residents.
Your Committee has amended this measure by:
(1) Changing the effective date to July 1, 2050, to encourage further discussion; and
(2) Making a technical, nonsubstantive amendment for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1209, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1209, H.D. 1, and be referred to your Committee on Judiciary & Hawaiian Affairs.
Respectfully submitted on behalf of the members of the Committee on Economic Development,
SEAN QUINLAN, Chair