Representative Angus L.K. McKelvey (West Maui, Mā‘alaea, North Kīhei) released the following statement on Gov. David Ige's veto of Senate Bill 301 - Real Estate Investment Trusts.
"As Chair of House Economic Development & Business Committee, which oversaw the measure, I’m very disappointed the Governor would choose to veto SB 301, which sought to create tax parity and ensure those who profit off our states natural resources pay their fair share. I disagree that this measure would have chilled the investment climate in the state of Hawai‘i when our very climate itself has and always will provide an attractive investment to those around the world.
"Paradise is our natural resource and if people are going to make money from it, then they need to pay their fair share. Other states tax the financial gain of their natural resources by outside entities and as such, this was much-needed revenue for much-needed tax relief, tofinance much-needed infrastructure projects, and to help pay-down our unfunded liabilities."