05/03/2021 | by

The 2021 Hawaii State Legislative Session concluded with Sine Die on April 29. Anti-DPD bills were introduced this session in both the House and Senate, but neither advanced. H.B. 286, a bill requiring REITs to report to the department of taxation their presence in Hawaii as well as its revenue generated annually, is the only REIT-related bill that passed during the session and is awaiting approval from the governor.

REITs in Hawaii already are required to provide information outlined in HB 286, but an additional requirement of a $50/day fine for non-compliance is included. Since this is the first half of a biennium legislature, the anti-DPD measures introduced in 2021 will carry forward to the 2022 legislative session, but will need to be scheduled for hearings in order to advance further. Nareit Hawaii will continue its work with and educate policymakers during the interim.

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