THE SENATE	S.B. NO.	508
TWENTY-NINTH LEGISLATURE, 2017		S.D. 1
STATE OF HAWAII		H.D. 1
		C.D. 1

A BILL FOR AN ACT

RELATING TO TAXATION.

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] 7.25 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 Statutory material to be repealed is bracketed and stricken.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 real estate dispositions that occur on or after September 15, 2018.

Report Title:

Hawaii Real Property Tax Law; Income Taxation; Nonresidents

Description:

Amends the taxes withheld on the amount realized by nonresidents from the disposition of Hawaii real property from 5% to 7.25%. Applies to real estate dispositions that occur on or after 9/15/2018. (CD1)

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