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Bill

SB 592

RELATING TO TAXATION OF REAL ESTATE INVESTMENT TRUSTS.

2026 Regular Session Introduced by Sharon Moriwaki

SB 592 modifies Hawaii's taxation of Real Estate Investment Trusts, potentially affecting state revenue and real estate investment patterns in the islands.

Carried over to 2026 Regular Session.
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Bill Summary · SB 592

Legislative bill overview

SB 592 addresses the taxation treatment of Real Estate Investment Trusts (REITs) in Hawaii. The bill was introduced in the 2025 legislative session and has advanced through initial readings but was carried over to the 2026 session, indicating it requires further development or discussion before potential passage.

Why is this important

REITs are significant investment vehicles that own and manage real estate portfolios, and their tax treatment affects both investment patterns and state revenue. Hawaii's approach to REIT taxation could influence real estate investment activity in the state and impact property values, housing availability, and the tax obligations of institutional investors in local real estate markets.

Potential points of contention

  • Revenue implications: Changes to REIT taxation could either increase or decrease state tax revenue depending on whether the bill imposes new taxes or provides exemptions
  • Investment competitiveness: Hawaii's REIT tax policy relative to other states may affect whether investment capital flows into or away from local real estate development
  • Property owner equity: Different tax treatment of REITs versus individual property owners or other corporate entities raises fairness questions about who bears the tax burden

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

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