Bill Text: HI HB886 | 2013 | Regular Session | Introduced
Bill Title: Hawaii Public Housing Authority; Exemption from Tax on Income and Obligations; Housekeeping
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-01-24 - Referred to HSG, FIN, referral sheet 5 [HB886 Detail]
Download: Hawaii-2013-HB886-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
886 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO EXEMPTION FROM STATE TAX ON PUBLIC HOUSING AGENCY INCOME AND OBLIGATIONS.
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- Exemption from tax on income and obligations. Income earned and obligations issued by a nonprofit entity determined to constitute a "public housing agency" pursuant to section 3(6) of the United States Housing Act of 1937, as amended, and which income and obligations are declared by the United States Department of Housing and Urban Development to be exempt from all taxation imposed by the United States pursuant to section 11(b) of the Act, shall be exempt from all taxation now or hereafter imposed by the State."
SECTION 2. Section 201H-37, Hawaii Revised Statutes, is repealed.
["[§201H-37] Exemption from tax on
income and obligations. Income earned and obligations issued by a
nonprofit entity determined to constitute a "public housing agency"
pursuant to section 3(6) of the United States Housing Act of 1937, as amended,
and which income and obligations are declared by the United States Department
of Housing and Urban Development to be exempt from all taxation imposed by the
United States pursuant to section 11(b) of the Act, shall be exempt from all
taxation now or hereafter imposed by the State."]
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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BY REQUEST |
Report Title:
Hawaii Public Housing Authority; Exemption from Tax on Income and Obligations; Housekeeping
Description:
Moves the statute that exempts income earned and obligations issued by a nonprofit entity determined to constitute a "public housing agency" from all state taxes where they are declared to be exempt from all federal taxes under section 11(b) of the United States Housing Act of 1937, by repealing section 201H-37, Hawaii Revised Statutes (HRS), and re-enacting it as a section in chapter 356D, HRS.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
