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SB 1033 Hawaii Senate · 2025 Regular Session

RELATING TO TAXATION.

Summary
Establishes an excise tax on certain taxpayers who own excess single-family residences for failure to sell those residences. Establishes and allocates excise tax revenues to the Housing Downpayment Trust Fund. Requires annual reports to the Legislature. Applies to taxable years beginning after 12/31/2026. Effective 7/1/2050. (SD2)
Issues: ✓ Budget & TaxesSupports Budget & TaxesCreates excise tax to fund Housing Downpayment Trust Fund, directly allocating tax revenue to support housing affordability programs.92% confidence ✓ HousingSupports HousingAllocates excise tax revenue to Housing Downpayment Trust Fund, directly funding affordable housing access for buyers.95% confidence
Bill status passed 3 of 5 stages cleared
Introduction
Jan 2025
Committee Review
Mar 2025
Senate Passage
Mar 2025
House Passage
Governor
Introduced Jan 17, 2025 Last action Mar 6, 2025
Maddy AI version diff · 2 comparisons

What changed between versions

SB1033_SD1 → SB1033_SD2 · 3 edits
MINOR
This bill version (SD2) restructures the formatting and organization of SB 1033, which imposes an excise tax on asset managers who fail to sell excess single-family residences. The substantive policy content remains consistent with the previous version (SD1), including the 50% tax on newly acquired homes, the $50,000 penalty multiplier for non-compliance, and the allocation of tax revenues to a housing downpayment trust fund. The primary changes involve formatting corrections, improved readability, and clearer section numbering in the legislative text.
Scope change
No substantive change to the bill's scope or applicability; the policy provisions remain the same as SD1.
TECHNICAL

Formatting and layout improvements throughout the document, including corrected section headers, proper indentation, and standardized spacing for better readability.

Section numbering and structure were reorganized to align with standard legislative formatting conventions, though the underlying policy content remains unchanged.

Metadata fields and document control information were added at the beginning of the document for tracking and version control purposes.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history

Actions timeline

Total actions
16
Key actions
6
Committee
8
Mar 6, 2025
Committee
Referred to HSG, FIN, referral sheet 19
lower
Mar 4, 2025
Introduced
Received from Senate (Sen. Com. No. 242) in amended form (SD 2).
lower
Mar 4, 2025
Upper · Passed
Report Adopted; Passed Third Reading, as amended (SD 2). Ayes, 25; Aye(s) with reservations: Senator(s) Fevella, Ihara, Inouye, San Buenaventura. Noes, 0 (none). Excused, 0 (none). Transmitted to House.
upper
Feb 26, 2025
Upper · Passed
The committee(s) on JDC recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in JDC were as follows: 5 Aye(s): Senator(s) Rhoads, Gabbard, Chang, Awa; Aye(s) with reservations: Senator(s) San Buenaventura ; 0 No(es): none; and 0 Excused: none.
upper
Feb 26, 2025
Upper · Passed
The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in WAM were as follows: 13 Aye(s): Senator(s) Dela Cruz, Aquino, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Lee, C., Wakai; Aye(s) with reservations: Senator(s) Moriwaki, DeCoite, Kim, Fevella ; 0 No(es): none; and 0 Excused: none.
upper
Feb 21, 2025
Upper · Passed
The committee(s) on WAM/JDC will hold a public decision making on 02-26-25 10:05AM; Conference Room 211 & Videoconference.
upper
Feb 12, 2025
Committee
Reported from HOU (Stand. Com. Rep. No. 338) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM/JDC.
upper
Feb 4, 2025
Upper · Passed
The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Kanuha, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Aquino.
upper
Jan 31, 2025
Upper · Passed
The committee(s) on HOU has scheduled a public hearing on 02-04-25 1:00PM; Conference Room 225 & Videoconference.
upper
Jan 23, 2025
Committee
Referred to HOU, WAM/JDC.
upper
Jan 17, 2025
Introduced
Introduced.
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.