Bill Text: HI SB826 | 2025 | Regular Session | Introduced
Bill Title: Relating To The Low-income Housing Tax Credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2025-01-30 - The committee(s) on HOU recommend(s) that the measure be PASSED, UNAMENDED. The votes in HOU were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Kanuha, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Aquino. [SB826 Detail]
Download: Hawaii-2025-SB826-Introduced.html
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THE SENATE |
S.B. NO. |
826 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the low-income housing tax credit.
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 (b) to read as follows:
"(b) Each taxpayer subject to the tax imposed by
this chapter, who has filed a net income tax return for a taxable year may
claim a low-income housing tax credit against the taxpayer's net income tax
liability. The amount of the credit
shall be deductible from the taxpayer's net income tax liability, if any,
imposed by this chapter for the taxable year in which the credit is properly
claimed on a timely basis. A credit
under this section may be allocated by a partnership or limited liability
company in any manner agreed to by the partners or members regardless of
whether the individual or entity to receive the credit is deemed to be a
partner or member for federal income tax purposes, so long as the individual or
entity is deemed to be a partner or member pursuant to applicable state
law. The credit may be claimed whether
or not the taxpayer is eligible to be allocated a federal low-income housing
tax credit pursuant to section 42 of the Internal Revenue Code[.];
provided that this section shall not apply to chapter 302A, part VI, subpart C."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
LIHTC; Developers; Applicability
Description:
Clarifies housing developers that are eligible for the Low Income Housing Tax Credit.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
