Honolulu's Mayor, Jeremy Harris, has announced plans to exempt new property owners in Hawaii from taxes relating to real estate including residential, commercial and resort construction as well as renovating existing homes. The exemption will last for a duration of seven years.
'We think this initiative will result in a great deal of new construction. We think it will provide a financial incentive for businesses, resorts and office properties to invest now and start new projects and we think it will provide an incentive for people to buy homes now,' said Mr Harris.
In response City Council budget committee chairman Steve Holmes claimed that some council members had raised doubts over the seven year 'tax holiday.' Mr Holmes said: 'You know, the mayor leaves next July and we are talking about giving away money for a seven-year time period. I think some of my colleagues are right to be concerned about that.'
He added that Honolulu already provides a big tax break - at least until 2003 - to boost resort and hotel construction.
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