Stanford Carr’s commentary totally missed the point regarding why the governor should sign the REIT (real estate investment trust) income tax bill. REITs are the only Hawaii real estate owners that pay zero Hawaii income tax on their earnings (“Double taxing REITs sends wrong message about Hawaii,” Star-Advertiser, Island Voices, June 20).

Accepting Carr’s statement that REIT investment is very beneficial to our economy, is it so much more beneficial than anyone else’s investment, that they deserve a free pass? One of the reasons the Legislature passed the REIT income tax bill this year is that thousands of regular folk signed petitions and came to hearings to question why they pay their Hawaii income taxes when Ala Moana Center, Pearlridge Center and Hilton Hawaiian Village don’t pay theirs.

This is not about punishing REITs; it’s about having them pay some portion of the costs of operating government in the state where their trophy properties are located, along with everyone else.

Roger Epstein

Former tax attorney

Peter Savio and Mike Fergus

Real estate developers and investors

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