REPORT TITLE:
Low-income housing; tax credit

DESCRIPTION:
Allows insurance companies to utilize the low-income housing tax
credit to offset insurance premium taxes.  (SB1076 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1076
THE SENATE                              S.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO INSURANCE PREMIUM TAXES.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Chapter 431, Hawaii Revised Statutes, is amended
 
 2 by adding a new section to article 7 to be appropriately
 
 3 designated and to read as follows:
 
 4      "�431:7-    Low-income housing; insurance premium tax
 
 5 credit.  The low-income housing tax credit provided under section
 
 6 235-110.8 shall be operative for this chapter and may be claimed
 
 7 against the tax imposed under section 431:7-202."
 
 8      SECTION 2.  New statutory material is underscored.
 
 9      SECTION 3.  This Act, upon its approval, shall apply to
 
10 taxable years beginning after December 31, 1998.