SB 1033 Hawaii Senate · 2026 Regular Session

RELATING TO TAXATION.

Summary

Establishes an excise tax on certain taxpayers who own excess single-family residences for failure to sell those residences. Establishes and allocates excise tax revenues to the Housing Downpayment Trust Fund. Requires annual reports to the Legislature. Applies to taxable years beginning after 12/31/2026. Effective 7/1/2050. (SD2)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Jan 17, 2025 Last action Dec 8, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

SB1033_SD1 → SB1033_SD2 · 2 edits

MINOR

This bill revision updates the bill's version number and metadata while introducing a new eligible group for the housing downpayment trust fund. The most significant policy change is the addition of 'individuals' as a qualifying entity for the fund, alongside existing categories for tax-exempt organizations and single-family residence developers. Additionally, the effective date for the associated excise tax was updated to July 1, 2050.

Scope change

The bill's scope was expanded to include individuals as eligible recipients of the housing downpayment trust fund.

ELIGIBILITY

Added 'individuals' as a third category of eligible entities for the housing downpayment trust fund, expanding access beyond organizations and developers.

TIMELINE

Updated the effective date for the excise tax funding the trust fund from July 1, 2050 (in SD1) to July 1, 2050 (in SD2), with minor metadata adjustments to the version number and dates.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 6, 2025

Committee

Referred to HSG, FIN, referral sheet 19

lower

Mar 4, 2025

Introduced

Received from Senate (Sen. Com. No. 242) in amended form (SD 2).

lower

Mar 4, 2025

Upper · Passed

Report Adopted; Passed Third Reading, as amended (SD 2). Ayes, 25; Aye(s) with reservations: Senator(s) Fevella, Ihara, Inouye, San Buenaventura. Noes, 0 (none). Excused, 0 (none). Transmitted to House.

upper

Feb 26, 2025

Upper · Passed

The committee(s) on JDC recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in JDC were as follows: 5 Aye(s): Senator(s) Rhoads, Gabbard, Chang, Awa; Aye(s) with reservations: Senator(s) San Buenaventura ; 0 No(es): none; and 0 Excused: none.

upper

Feb 26, 2025

Upper · Passed

The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in WAM were as follows: 13 Aye(s): Senator(s) Dela Cruz, Aquino, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Lee, C., Wakai; Aye(s) with reservations: Senator(s) Moriwaki, DeCoite, Kim, Fevella ; 0 No(es): none; and 0 Excused: none.

upper

Feb 21, 2025

Upper · Passed

The committee(s) on WAM/JDC will hold a public decision making on 02-26-25 10:05AM; Conference Room 211 & Videoconference.

upper

Feb 12, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM/JDC.

upper

Feb 12, 2025

Committee

Reported from HOU (Stand. Com. Rep. No. 338) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM/JDC.

upper

Feb 4, 2025

Upper · Passed

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Kanuha, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Aquino.

upper

Jan 31, 2025

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 02-04-25 1:00PM; Conference Room 225 & Videoconference.

upper

Jan 23, 2025

Committee

Referred to HOU, WAM/JDC.

upper

Jan 17, 2025

Introduced

Introduced.

upper

1 primary · 0 co-sponsors