Informing the Legislature that on July 8, 2026, the Governor signed the following bill into law: SB2552 SD1 HD1 CD1 (ACT 217).

This bill, signed into law by the Governor on July 8, 2026, amends Hawaii's Individual Housing Account Program to increase the tax benefits available to residents saving for a home. It directly affects Hawaii residents who wish to purchase their first principal residence by raising the maximum annual tax deduction for contributions to these accounts from $5,000 to $20,000 for individuals and from $10,000 to $40,000 for married couples filing jointly. Additionally, the bill increases the lifetime contribution limit for these accounts from $25,000 to $200,000 per individual or couple. The legislation also updates the definition of an eligible financial institution to include depository services loan companies, ensuring that contributions made to these accounts can be deducted from taxable income.