Taxes

The state Legislature is considering significant changes to the conveyance taxes that are levied on a property when it's sold. HPR's Ashley Mizuo reports that lawmakers aim to use the increased revenue to fund transit-oriented housing and provide the Department of Hawaiian Home Lands with its first permanent stream of state funding.

The Tax Fairness Coalition, comprised of several community groups, is advocating for a progressive tax structure at the Legislature.

The state House passed the state's $20.5 billion budget, which starts in July. HPR's Ashley Mizuo reports that it incorporates impacts from federal funding while trying to preserve essential government services.

The Senate is attempting to recoup funds by reducing sweeping income tax cuts that went into effect last year and by reevaluating tax credits for things like renewable energy.

The state is looking at ways to fill holes in the state budget due to federal funding impacts. HPR's Ashley Mizuo reports on a measure that would pause the state's plan to reduce income taxes.

About 842 “ultra luxury” homes on Hawaiʻi Island are worth at least $4 million, and the county’s lawmakers could add a new, higher property tax tier for them.

Gov. Josh Green spoke to HPR's Bill Dorman about his plan to use $16.5 million in state money to continue health care subsidies in the short term.

The Honolulu City Council Budget Committee advanced a bill Tuesday to try and make an unused affordable housing program more attractive to landlords.

Last month, the council passed two bills that would increase exemptions for owner-occupants and seniors. Both measures add $20,000 in exempted tax value from those homes. However, there is another method of tax relief that has not yet been used, despite being on the books for about 10 years. HPR's Ashley Mizuo reports.

The top 1% of Hawaiʻi's income earners will get a tax cut of about $43,000 next year. The bottom 20% will see a reduction of about $90.