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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