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Senate Orders Study of REIT Tax Proposal After Heated Testimony
Summary
Following split testimony on SB 2362, which would eliminate the dividends‑paid deduction for REITs, the Senate adopted an SD1 to fund a DBEDT study of economic impacts and changed the bill’s effective date to July 1, 2050.
Lawmakers on Feb. 18 heard extensive, divided testimony on SB 2362, a measure to remove Hawaii’s dividends‑paid deduction for real estate investment trusts (REITs). Testimony came from community groups favoring the measure to raise revenue, business groups cautioning about investment and job impacts, unions, tenant advocates and tax analysts.
Proponents said the bill would capture tens of millions of dollars for state…
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