REPORT Title:
Tax; Real Property; Non-Resident
Description:
Increases the tax on the disposition of real property by a non-resident seller. (HB1800 CD1)
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1800 |
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TWENTY-THIRD LEGISLATURE, 2006 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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C.D. 1 |
A BILL FOR AN ACT
RELATING TO SALE OF REAL PROPERTY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-68, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Unless otherwise provided in this section, every transferee shall deduct and withhold a tax equal to [five] eight and one-quarter per cent of the amount realized on the disposition of Hawaii real property. Every person required to withhold a tax under this section is made liable for the tax and is relieved of liability for or upon the claim or demand of any other person for the amount of any payments to the department made in accordance with this section."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval, and shall apply to taxable years beginning after December 31, 2006.