Is it fair to change the tax rules after the investment has been made?  If REIT investment is reduced as a result of this bill passing, who is going to create the jobs and make up for the lost tax revenue?  Pension funds?  Pension funds don't pay income taxes.  The net result of this bill will be fewer jobs and higher taxes for Hawaii residents.  Municipalities all over the U.S. provide tax incentives to attract investment because it creates jobs and builds a predictable tax base.  We are seriously considering doing just the opposite - de-incentivising investment in the interest of fairness?  If this bill passes, there will only be losers.