HOUSE OF REPRESENTATIVES

H.B. NO.

1295

TWENTY-EIGHTH LEGISLATURE, 2015

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

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 (c) to read as follows:

     "(c)  The amount of the low-income housing tax credit that may be claimed by a taxpayer as provided in subsection (b) shall be [fifty] one-hundred per cent of the applicable percentage of the qualified basis of each building located in Hawaii.  The applicable percentage shall be calculated as provided in section 42(b) of the Internal Revenue Code."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2030, and apply to buildings placed in service after December 31, 2015.


 


 

Report Title:

Low-Income Housing Tax Credit

 

Description:

Increases the low-income housing tax credit to one hundred per cent of the qualified basis for each building located in Hawaii.  (HB1295 HD1)

 

 

 

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