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Thank You Governor Lingle for Your Veto

By Randy L. Prothero

Real Estate Agent with eXp Realty 2021016812

December 26, 2006 06:58 AM

I just received word that Governor Lingle vetoed an increase in the HARPTA tax. HARPTA is our state withholding tax that is taken at the time of closing from out of state owners.

HARPTA is currently 5%. Our wonderful liberal legislature utilizing their finite wisdom decided, decided it would be a great idea to slap out our state investors by raising the tax to 8.25% beginning January 1, 2007.

I am so delighted to see our Governor step up to the plate and do the right thing. We in Hawaii depend on out of state money to drive our economy. Folks, Hawaii is still open for business. Please come and bring your money.

Aloha to all, have a Hauoli Makahiki Hou (Happy New Year in Hawaiian)

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Marc Blasi

Palm Beach Gardens, FL

Sound like a polititian made a GOOD choice for a change - Uh, Oh - could it be the start of a trend?!??!

Probably not - but they have to start somewhere!

Happy New Year!

Dec 26, 2006 07:20 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Randy, maybe some day politians will get the message that you don't increase business by increasing taxes. And increasing business is the best way to raise tax revenue.

Dec 26, 2006 09:19 AM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

Marc - Our governor who has business experience has made many good decisions. Unfortunately the legislature still hasn't figured it out. Most of them have no business experience and just don't understand how business works.

Dec 26, 2006 09:22 AM

George - If they haven't gotten it yet they may never.

Dec 26, 2006 09:23 AM

1SG (Ret.) David Kucic

Hawaii Military Realty, Inc. - Ewa Beach, HI

President and Owner

Thankfully Governor Lingle is smart enough to realize that out of state owners do have a big impact on our economy and real estate market. Hope you are enjoying the holidays. See ya in a week or so.

Dec 27, 2006 12:59 AM

Aloha David and Tonya - Without out of state investors and the military we would only have pineapple plantations. We need more politicians with business sense.

Dec 27, 2006 04:45 AM

Michael S. Mackey

CENTURY 21 All Islands - Mililani, HI

REALTOR ABR, CRS, GRI, RSPS

Thank goodness Gov. Lingle is in office. Another disaster averted!

Dec 28, 2006 03:28 AM

Michael - I look forward to the day when a good leader can spend more time on positive improvements instead of spending so much of the energy stopping these kinds of disasters.

Dec 28, 2006 03:38 AM

Jim - Whether than tell you what I think is the answer, let me refer you to a couple of local experts.

Here are the contacts for a local escrow agent I use and a good 1031 exchange agent. Hopefully they can be of better help. My regular 1031 guy just left the company he was with.

Jill Kirihara
Title Guaranty - Mililani
95-1095 Ainamakua Dr., Suite 1
Mililani, HI 96789
(808) 630-2157 direct
(808) 630-2344 office
(808) 630-2260 fax
jkirihara@tghawaii.com

Julie Tumbaga
Orexco (Old Republic 1031 Exchange)
Regional Account Manager
733 Bishop Street, Suite 2700
Honlulu, HI 96813
(877) 591-1031
(808) 524-673
(808) 528-3837 Fax
E-mail: jtumbaga@orexco1031.com

Good Luck,

Jan 13, 2007 09:00 AM

Jim - There is there is a form you fill out during escrow declaring whether or not you have to pay HARPTA. Your tax guy help you file for a return if that comes up.

Jan 13, 2007 11:38 AM

Thank You Governor Lingle for Your Veto

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Randy L. Prothero

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