Bill Text: HI SB2695 | 2020 | Regular Session | Introduced
Bill Title: Relating To Housing.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2020-03-16 - This measure has been deleted from the meeting scheduled on Tuesday 03-17-20 10:40AM in conference room 423. [SB2695 Detail]
Download: Hawaii-2020-SB2695-Introduced.html
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THE SENATE |
S.B. NO. |
2695 |
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THIRTIETH LEGISLATURE, 2020 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to housing.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 356D, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§356D- Housing
incentive fund. (a) There is established a housing incentive fund,
into which shall be deposited:
(1) Appropriations made
by the legislature funded by general obligation bonds; and
(2) Contributions made
by any individual, partnership, firm,
association, or corporation.
(b) The
housing incentive fund shall be administered by the authority and shall be used
for the construction, rehabilitation, or preservation of multifamily housing targeted
to essential workers and low to moderate income households, including seniors and
people with special needs, and for the necessary expenses in administering this
part.
(c) Eligible
recipients of funding by the housing incentive fund include state and county governments,
and nonprofit organizations, public-private partnerships, or for-profit
developers of multifamily housing. Individuals
may not receive direct assistance from the fund.
(d) Disbursements made from the housing incentive fund
is subject to repayment or recapture under the guidelines adopted by the authority.
Any disbursement that is repaid or
recaptured must be deposited in the housing incentive fund and is available for
reimbursement on a continuing basis for the purposes of this section.
(e)
The authority shall submit a report to the legislature no later than
twenty days prior to the convening of each regular session to provide an
accounting of the receipts and expenditures of the fund."
SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Housing
incentive fund; income tax credit. (a) Any individual or taxpaying entity that files a
net income tax return for a taxable year may claim a tax credit under this
section against the Hawaii state individual or corporate net income tax for
contributing to the housing incentive fund established in section 356D- .
The amount of the credit is equal to the
amount contributed to the fund during the taxable year. The taxpayer may not claim more than twenty
per cent of the credit for each separate contribution made in any taxable year.
(b) The contribution amount used to calculate the
credit under this section may not be used to calculate any other state income
tax deduction or credit allowed by law.
(c) If
the amount of the credit exceeds the taxpayer's tax liability for the taxable year,
the excess may be carried forward to each of the ten succeeding taxable years.
(d) The
aggregate amount of tax credits allowed to all eligible contributors is limited
to four million dollars per biennium. This limitation applies to all contributions for
which tax credits are claimed under this section.
(e) Within
thirty days after the date on which a taxpayer makes a contribution to the
housing incentive fund, the Hawaii public housing authority shall file with
each contributing taxpayer, and a copy with the director of taxation, completed
forms that show as to each contribution to the fund by that taxpayer the
following:
(1) The name,
address, and social security number or federal employer identification number
of the taxpayer that made the contribution;
(2) The dollar
amount paid for the contribution by the taxpayer; and
(3) The date the
payment was received by the fund.
(f) To
receive the tax credit provided under this section, a taxpayer shall claim the
credit on the taxpayer's state income in the manner prescribed by the director of
taxation and file with the return a copy of the form issued by the Hawaii public
housing authority under subsection (e).
(g) This
section does not prohibit the director of taxation from conducting an
examination of the credit claimed and assessing additional tax due under
section 235-108.
(h) A partnership,
subchapter S corporation, limited partnership, limited liability company, or
any other passthrough entity making a contribution to the housing incentive
fund under this section is considered to be the taxpayer for purposes of this
section, and the amount of the credit allowed must be determined at the
passthrough entity level. The amount of
the total credit determined at the entity level must be passed through to the
partners, shareholders, or members in proportion to their respective interests in
the passthrough entity."
SECTION 3. The director of finance is authorized to issue general obligation bonds in the sum of $50,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2020-2021 for the purpose of funding the housing incentive fund.
SECTION 4. The appropriation made for the housing incentive fund authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2022, shall lapse as of that date.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Hawaii Public Housing Authority; Housing Incentive Fund; Tax Credit; Affordable Housing; Housing; Appropriation
Description:
Creates the housing incentive fund to be administered by the Hawaii public housing authority. Allows the fund to be seeded with general obligation bonds. Creates a tax credit for individuals or corporations who contribute to the fund.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
