For taxable years beginning after 12/31/2026, applies the retail or higher general excise tax or use tax rate to purchases or imports of new motor vehicles by rental car companies. Appropriates funds to establish a position in the Department of Taxation. Effective 7/1/2050. (SD1)
Adds loan funds administered by Nonprofit Community Development Financial Institutions (CDFIs) for certain for-sale affordable housing projects to list of loan priorities for the Affordable Homeownership Revolving Fund. Expands use of funds in the revolving fund to allow financing as matching funds for CDFIs to mobilize other funding sources. Effective 7/1/3000. (HD1)
Establishes the Homeless Services Special Fund. Allows counties to apply for matching funds from the Affordable Homeownership Revolving Fund for certain housing projects. Increases the conveyance tax rates for certain properties. Establishes conveyance tax rates for multifamily residential properties. Establishes new exemptions to the conveyance tax. Allocates collected conveyance taxes to the Affordable Homeownership Revolving Fund, Homeless Services Special Fund, and Dwelling Unit Revolving Fund. Amends allocations to the Land Conservation Fund and Rental Housing Revolving Fund.
HB 2623 establishes a new tax surcharge on high-income individuals, estates, and trusts, applying to taxable years starting after December 31, 2026. The bill directly affects high earners and large wealth holders by imposing an additional tax on their "wealth proceeds," though specific income thresholds are not detailed in the abstract. Key provisions include defining the tax base as wealth-related income or assets and setting a future effective date to allow for planning. The bill is currently in early committee review, having been introduced and passed its first reading in January 2026.
HB 1816 increases the maximum grant amount available through the Cesspool Compliance Pilot Grant Project and appropriates funds to support this program. The bill directly affects property owners who need to convert or replace outdated cesspools to meet environmental standards. Its key mechanism is raising the financial support limit for eligible conversions, funded by the state appropriation. This change aims to make compliance more affordable for affected property owners without altering the program's eligibility rules.
SB 2403 expands the renewable fuels production tax credit by broadening its eligibility rules or increasing the credit amount for producers. This bill directly affects companies that manufacture renewable fuels like ethanol or biodiesel, providing them with potentially larger tax benefits. The key change is modifying the existing tax credit program to support more producers or higher production volumes, without altering the core structure of the credit itself. The bill is currently in early stages of the legislative process.
Beginning 1/1/2027, requires each county to implement fare-free access to its public transportation systems. Establishes the Fare-Free Public Transportation Tax and Dividend Special Fund. Increases the Environmental Response, Energy, and Food Security Tax on petroleum products to fund fare-free public transportation.
SB 529 allocates state funds to the Department of Education for its Hoakea Program, which supports educational initiatives (specific program details not provided in the abstract). The bill directly affects the Department of Education as the recipient of these funds, with the appropriation becoming effective on July 1, 2050. This is a funding measure, not a policy change, and specifies no new requirements or eligibility criteria beyond the existing program structure. The bill passed committee recommendation with 5 ayes on February 3, 2025.
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.
SB 2310 allocates state funds to remove overgrown vegetation from Kainahola Stream. This bill directly affects the maintenance and ecological health of Kainahola Stream by authorizing the specific funding for vegetation removal. The key provision is the appropriation of money for this stream cleanup effort, with no additional policy changes or regulations. The bill is currently under review by the AEN/WLA committee, with a public hearing scheduled for February 11, 2026.
