Hawaii State Legislature Reconvened for 10 Days in May

The Hawaii State Legislature reconvened on May 11 and recessed again on May 21, 2020. Legislators ultimately passed measures relating to the State Budget, which included funding for shovel-ready capital improvement projects, allocating federal CARES Act funds, and making up a projected $1 billion shortfall. SB 2697 SD1, a measure that is still alive that would eliminate a REIT’s dividends paid deduction, was not discussed during this time.

Nareit Hawaii will continue to monitor S.B. 2697 SD1 as legislators are planning to reconvene in mid-June to discuss other issues that are related to COVID-19 and economic recovery.

(Contact: Gladys Quinto Marrone at gmarrone@nareit.com)

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