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S.B. 2697, a new anti-REIT bill, has been introduced and is designed to remove the dividend paid deduction (DPD) for Real Estate Investment Trusts (REITs).
A similar bill (S.B. 301) was passed in 2019 and ICSC was instrumental in acquiring a veto of the bill from Governor David Ige.
If the bill had become law, Hawaii would have become the first state in 50 years to impose corporate income taxes on REITs. The new bill proposes permanent changes, while the bill that was vetoed by the Governor would only have been in effect for four years.
This week ICSC Director of State and Local Government Relations Pete Jacobson and ICSC members met with Senate President Ron Kouchi, Vice Speaker of the House Mark Nakashima and Jon Chin with Governor Ige’s staff to discuss opposition of the measure.
ICSC is working with other business organization to educate members about the importance of REITs in creating not only shopping centers but also affordable housing, grocery stores, hospitals and public sector buildings.
For any questions regarding the Hawaii REIT bill, please contact Pete Jacobson at pjacobson@icsc.com.