Will ‘the REIT way’ survive?

Now that Gov. David Ige has vetoed the tax-reforming “REITs bill” despite solid reasons why he shouldn’t have, let’s see that charitable contributions to local causes continue “the REIT way.”

The REIT Way Hawaii is a campaign launched in November by some 13 real estate investment trusts (REITs) based outside Hawaii, vowing to aid affordable housing in the state via a minimum 3-year campaign; some $455,000 was committed for the first year.

The effort was launched just as Hawaii’s Legislature began looking at imposing state corporate taxes on REITs, which enjoy a federal income tax break. Senate Bill 301 did pass, but was vetoed Tuesday. There’s always next year.

Protecting access to ACA provisions

The outcome of the latest legal battle over the Affordable Care Act — Obamacare — is far from certain, but the questioning by a three-judge panel for the 5th U.S. Circuit Court of Appeals suggests the law, or critical elements of it, could be at risk.

This is a long-term fight liable to lead back to the U.S. Supreme Court, but rather than sit back and wait, the state Legislature last year folded some of the ACA provisions into Hawaii’s own health-care statutes. That now seems to have been a prudent move.