Bill Text: HI SB2594 | 2010 | Regular Session | Amended
Bill Title: Affordable Housing; GET Exemption; Residency Requirement
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2010-03-19 - (H) Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Representative(s) Pine voting no (1) and Representative(s) Carroll, Chang, Har, Manahan, Morita, M. Oshiro, Tokioka, Ward excused (8). [SB2594 Detail]
Download: Hawaii-2010-SB2594-Amended.html
STAND. COM. REP. NO. 2411
Honolulu, Hawaii
RE: S.B. No. 2594
S.D. 1
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fifth State Legislature
Regular Session of 2010
State of Hawaii
Madam:
Your Committee on Ways and Means, to which was referred S.B. No. 2594, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO HOUSING,"
begs leave to report as follows:
The purpose of this measure is to place greater control on the general excise tax exemption for affordable rental housing.
Specifically, this measure provides that a general excise tax exemption approved and certified by the Hawaii Housing Finance and Development Corporation for a newly constructed or moderately or substantially rehabilitated housing project developed by a qualified person or firm to provide affordable housing shall apply only to the portion of rental income received from households that meet gross annual income requirements.
This measure also adds a residency requirement for households in a newly constructed or moderately or substantially rehabilitated housing project developed by a qualified person or firm in order for that person or firm to be considered to receive a general excise tax exemption.
Your Committee received written comments in opposition of this measure from Ford Island Housing and the Chamber of Commerce of Hawaii. The written comments may be reviewed on the Legislature's website.
Your Committee finds that this measure establishes a more level and fair playing field for resident individuals and families who need affordable housing by better targeting an incentive to developers and owners of rental units for low and moderate income renters and for homeowners residing in new or substantially rehabilitated homes.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2594, S.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ DONNA MERCADO KIM, Chair |
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