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Bill Summary · HB 947

Legislative bill overview

HB 947 relates to how Real Estate Investment Trusts (REITs) are taxed in Hawaii. The bill was introduced in January 2025 but has not yet advanced beyond initial committee referral. As of December 2025, it was carried over to the 2026 legislative session, meaning it did not pass in the current cycle.

Why is this important

REITs are major players in Hawaii's real estate market, owning significant residential, commercial, and hospitality properties. Changes to REIT taxation could affect housing costs, commercial rent, property values, and state tax revenue—potentially impacting both individual property owners and the broader economy.

Potential points of contention

  • Tax burden vs. investment incentives: Increasing REIT taxation could reduce investor interest in Hawaii properties, potentially limiting new development and capital investment, or it could generate needed state revenue
  • Housing affordability: REITs control substantial portions of Hawaii's rental and residential stock; tax changes could be passed to tenants through higher rents or retained as corporate profit
  • Competitive disadvantage: If Hawaii taxes REITs more heavily than other states, it may discourage real estate investment in the islands compared to mainland markets

Compiled from official sources — confirm details with the bill’s official record.

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