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SB247
THE SENATE
S.B. NO.
247
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII
A BILL FOR AN ACT
relating
to AGRICULTURAL LAND CONVEYANCE TAX
.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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SECTION 1.
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Chapter 247, Hawaii Revised Statutes, is
amended by adding a new section to be appropriately designated and to read as
follows:
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"
�247-
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Conveyance
tax surcharge.
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(a)
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In addition to any tax imposed under this
chapter and section 235‑51(f),
a surcharge shall
be imposed on the net capital gain from the transfer or conveyance of realty or
any interest in agricultural land
that is subject to section 247-1.
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(b)
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The rate of the surcharge shall be based on
the years held at the following rates on the net capital gain:
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(1)
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per cent of
net
capital
gain for agricultural land held less than four months;
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(2)
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per cent of
net
capital
gain for agricultural land held for four months, but less than eight
months;
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(3)
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per cent of
net
capital
gain for agricultural land held for eight months, but less than
one year;
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(4)
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per cent of
net
capital
gain for agricultural land held for one year, but less than two
years;
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(5)
�
per cent of
net
capital
gain for agricultural land held for two years, but less than
three years;
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(6)
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per cent of
net
capital
gain for agricultural land held for three years, but less than
four years;
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(7)
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per cent of
net
capital
gain for agricultural land held for four years, but less than
five years; and
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(8)
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per cent of
net
capital
gain for agricultural land held for five years, but less than
six years.
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(c)
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As used in this section, "agricultural
land" means lands in an agricultural district classified pursuant to
chapter 205.
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SECTION 2.
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New statutory material is underscored.
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SECTION 3.
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This Act shall take effect on July 1, 2025.
INTRODUCED BY:
_____________________________
Report Title:
Conveyance
Tax Surcharge; Net Capital Gains; Agricultural Land
Description:
Establishes a surcharge on the conveyance tax upon the net
capital gain from the transfer or conveyance of agricultural land.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.