Hawaii Governor David Ige on Monday announced he plans to veto a bill that would require short-term rental booking platforms to collect state taxes. The measure, S.B. 1292, was passed by the state Senate last month by a single vote.
Hawaii lawmakers are on the path to eliminating a decades’ old exemption on corporate taxes for a certain class of real estate company. Real Estate Investment Trusts, or REITs, were created in Congress in 1960 and their profits are exempt from taxes by the federal government and 49 states.