STAND. COM. REP. NO. 3002

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2703

       H.D. 1

       S.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

 

Sir:

 

     Your Committee on Housing, to which was referred H.B. No. 2703, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO HOUSING AFFORDABILITY,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to:

 

     (1)  Allocate a portion of the conveyance tax revenues to the rental assistance revolving fund to be used to subsidize rents for persons who meet certain income requirements;

 

     (2)  Increase the income tax credit for low-income household renters to an unspecified amount; and

 

     (3)  Convert the state earned income tax credit into a refundable tax credit and change the amount of the credit to an unspecified percentage of the federal earned income tax credit.

 

     Your Committee received testimony in support of this measure from the Office of Hawaiian Affairs, Women's Caucus of the Democratic Party of Hawaii, Hawaii Appleseed Center for Law & Economic Justice, League of Women Voters of Hawaii, LGBT Caucus of the Democratic Party of Hawaii, Catholic Charities Hawaii, Americans for Democratic Action Hawaii, IMUAlliance, Hawaii Alliance for Community-Based Economic Alliance, Oahu County Committee on Legislative Priorities of the Democratic Party of Hawaii, and three individuals.  Your Committee received testimony in opposition to this measure from the Hawaii Association of REALTORS and one individual.  Your Committee received comments on this measure from the Department of Taxation, Hawaii Housing Finance and Development Corporation, and Tax Foundation of Hawaii.

 

     Your Committee finds that affordable housing is a serious concern for many Hawaii residents.  As the population of the State continues to grow, the State must develop innovative means of ensuring that residents are able to find and pay for housing.  This measure provides additional mechanisms for the State to provide affordable housing to meet the housing needs of the State and tax incentives for Hawaii residents to obtain and maintain housing.

 

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2703, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2703, H.D. 1, S.D. 1, and be referred to your Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Housing,

 

 

 

________________________________

WILL ESPERO, Chair