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HARPTA

HARPTA: Hawaii Property Tax Act HAWAII REAL PROPERTY TAX Real ACT ANNOUNCEMENT UPDATE for HARPTA increase for Hawaii Real Property occuring on or after September 15, 2018

Seller aa Hawaii Hawaii Resident Resident or or Entity? Entity? Is Seller

NO

YES

Seller is NOT a Hawaii Resident or Entity

Does Seller Qualify for an exception under Hawaii or Federal law (e.g. 1031 exchange)?

Complete Form N-289

Is Seller selling the property at a loss?

YES

YES

Complete Form N-289

NO

Buyer should request For 7.25%* withholding for Hawaii Real Property occuring on or after September 15, 2018

Submit Form N-288B and supporting documents to Tax Office at least 10 business days prior to closing

Does Seller want to apply for an early refund?

Was property used as a principal residence for the last 12 months and is sales price $300,000 or less?

YES

Complete Form N-289

YES

Seller Submits Form N-288C

This information is presented for informational purposes only. It is not our intention to provide any legal, financial or business advice. For specific information, please consult a qualified advisor.

*FNT Internal Update July, 2018for informational purposes only. It is not our intention to provide any legal, financial or business advice. For specific inforThis information is presented mation, please consult a qualified advisor.

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*FNT Internal Update July, 2018

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