Bill Text: HI HB2144 | 2012 | Regular Session | Introduced
Bill Title: General Excise Tax Exemption; Affordable Rental Housing; Low-Cost Housing
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2012-02-23 - (H) The committee(s) on FIN recommend(s) that the measure be deferred. [HB2144 Detail]
Download: Hawaii-2012-HB2144-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2144 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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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. State law provides a general excise tax exemption for qualified persons or firms involved in the planning, design, financing, construction, sale, or lease in the State of a housing project that has been certified or approved under section 201H-36, Hawaii Revised Statutes. The Hawaii housing finance and development corporation is authorized to approve and certify an exemption from general excise taxes for any qualified person or firm involved with a newly constructed or moderately or substantially rehabilitated project.
Among the projects that qualify for exemption from general excise taxes under section 201H-36, Hawaii Revised Statutes, are projects developed pursuant to part II of chapter 201H, Hawaii Revised Statutes; projects developed under a federal government assistance program approved by the Hawaii housing finance and development corporation; projects developed under the sponsorship of a private nonprofit organization providing home rehabilitation or new homes for qualified families in need of low-cost housing; and projects developed to provide affordable rental housing as specified under section 201H-36, Hawaii Revised Statutes.
While the general excise tax exemption established by section 201H-36, Hawaii Revised Statutes, stimulates and encourages the development of low-cost housing and affordable rental housing in the State, the legislature finds that it is important to be fiscally responsible and informed of the aggregate amount and impact of that exemption in making policy decisions.
The purpose of this Act is to require the department of taxation to submit a report to the legislature and the Hawaii housing finance and development corporation on the general excise tax exemptions granted pursuant to section 201H-36, Hawaii Revised Statutes, for development of low-cost housing and affordable rental housing during the taxable year beginning after December 31, 2010.
SECTION 2. The department of taxation shall submit a report to the legislature and the Hawaii housing finance and development corporation no later than twenty days before the convening of the regular session of 2013, on the general excise tax exemptions granted pursuant to section 201H-36, Hawaii Revised Statutes, during the taxable year beginning after December 31, 2010, to qualified persons or firms involved with newly constructed, or moderately or substantially rehabilitated projects developed:
(1) Under part II of chapter 201H, Hawaii Revised Statutes;
(2) Under a government assistance program approved by the Hawaii housing finance and development corporation as specified under section 201H-36, Hawaii Revised Statutes;
(3) Under the sponsorship of a private nonprofit organization providing home rehabilitation or new homes for qualified families in need of decent, low-cost housing; and
(4) By a qualified person or firm to provide affordable rental housing as specified under section 201H-36, Hawaii Revised Statutes.
The report shall include
information on the total amount of otherwise-taxable revenue subject to the
exemption granted under section 201H-36, Hawaii Revised Statutes, as well as
information regarding individual exemptions awarded, including the criteria
under which individuals or entities qualified for the exemption
and how long each individual or entity has been exempt. The department of
taxation shall not include individual-identifying information in its report.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
General Excise Tax Exemption; Affordable Rental Housing; Low-Cost Housing
Description:
Requires the department of taxation to submit a report to the legislature and the Hawaii housing finance and development corporation on general excise tax exemptions for low-cost housing and affordable rental housing construction and development.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
