Bill Text: HI HB1295 | 2015 | Regular Session | Introduced
Bill Title: Low-Income Housing Tax Credit
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Engrossed - Dead) 2015-03-24 - The committee on HSH deferred the measure. [HB1295 Detail]
Download: Hawaii-2015-HB1295-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1295 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.8, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The amount of the low-income housing
tax credit that may be claimed by a taxpayer as provided in subsection (b)
shall be [fifty] one hundred per cent of the applicable
percentage of the qualified basis of each building located in Hawaii. The
applicable percentage shall be calculated as provided in section 42(b) of the
Internal Revenue Code."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on January 1, 2016, and apply to buildings placed in service after December 31, 2015.
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INTRODUCED BY: |
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Report Title:
Low-Income Housing Tax Credit
Description:
Increases the low-income housing tax credit to one hundred per cent of the qualified basis for each building located in Hawaii.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
