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Legislative Alert – Oppose HB 58
The Hawaii State Legislature is considering legislation, HB 58,  that would temporarily allow local municipalities to reallocate the revenue from conveyance fees on commercial and residential real estate transactions to pay the principal and interest of general obligations bonds.  However, most importantly, HB 58 would also permanently increase the conveyance fee, also known as a tax, on these transactions. 

 Under HB 58, the seller’s conveyance fee would increase based on a percentage of the sale price as follows:

  • Tax rate for properties valued from $4 million to $6 million will double.
  • Tax rate for properties valued between $6 million and 10 million will triple.
  • Tax rate for properties valued over $10 million will quadruple.

To view HB 58 and Section 11, click here.

The state of Hawaii already has one of the highest conveyance fees in the country. The drastic rate increase in HB 58 will not only discourage real estate investment, but also increase the cost of living and doing business in a state that desperately needs economic growth and job creation, not another tax increase. The increased cost will inevitably be passed on through higher commercial and residential rents.

Contact your state Representative and Senator today to oppose HB 58.

For additional questions regarding HB 58, please contact NAIOP Hawaii’s Legislative Chairs (Scott Settle or Daniel Cody) or state lobbyist (Michael Iosua).

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