Bill > SR5

This resolution urges the United States Congress to grant individual homeowners, referred to as "owner-occupants," tax deductions for property ownership expenses that are comparable to those already available to business entities. Currently, businesses like Real Estate Investment Trusts (REITs) can deduct a wide range of costs associated with owning property, including interest, depreciation (a deduction for the wear and tear on an asset over time), property taxes, insurance, maintenance, and utilities, leading to significant tax savings for large investors. In contrast, individual homeowners can typically only deduct mortgage interest, facing a "structural tax disadvantage" that makes homeownership, particularly in expensive markets like Hawaii, even more challenging. The resolution aims to level the playing field by advocating for similar tax benefits for homeowners.

Government Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SR&billnumber=5&year=2026