Cesspool law

REIT – Tax Dodge or Good Investment?

A special kind of real estate related corporation is under Legislative scrutiny- again. A “real estate investment trust,” or REIT, provides significant benefits under the federal tax code. In Hawaii however, State lawmakers are looking to close tax loopholes. Background REITs are related to investing in real estate or loans secured by real estate. Established by Congress in 1960, certain requirements must be met to maintain a REIT. In addition to how it is organized and owned, a REIT must also [...]

Hawaii’s Recent Cesspool Law

Cesspools in Hawaii are a growing issue because of the effects on ground water and coral reefs. A law enacted last year says residents must convert their cesspools by 2050. Many property owners turning out for public meetings say they just can't afford to make a change. Around the state, cesspools release about 55 million gallons of untreated sewage into the ground each day. This translates into as much as 23,700 pounds of nitrogen and nearly 6,000 pounds of phosphorus going into the ground da [...]