President & CEO Steve Wechsler submitted testimony to the Hawaii House of Representatives Committee on Finance on Feb. 22 to express NAREIT’s opposition to amended legislation proposing to eliminate the REIT dividends paid deduction (DPD) “temporarily.”
In January, companion bills H.B. 1012 and S.B. 1228 were introduced in the Hawaii state legislature to eliminate the DPD for 15 years, except with respect to certain dividends attributable to affordable housing. An amended version of the House proposal - H.B. 1012, H.D. 1 – is now before the House Finance Committee.
NAREIT submitted similar testimony on the original proposal to the House Committee on Housing for a hearing earlier this month.
NAREIT has opposed similar legislative proposals in past years to alter or eliminate the DPD in Hawaii. More information is available at The REIT Way Hawaii.
(Contact: Dara Bernstein at dbernstein@nareit.com)