Bill Text: HI SB2063 | 2022 | Regular Session | Introduced
Bill Title: Relating To An Affordable Housing Tax Credit.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2022-01-21 - Referred to PSM/HOU, WAM. [SB2063 Detail]
Download: Hawaii-2022-SB2063-Introduced.html
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THE SENATE |
S.B. NO. |
2063 |
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THIRTY-FIRST LEGISLATURE, 2022 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to an affordable housing tax credit.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Affordable housing for veterans tax credit.
(a) There shall be allowed to each taxpayer subject
to the tax imposed by this chapter, who has filed a net income tax return for a
taxable year, and who owns a rental property development that meets the requirements
of subsection (c), an affordable housing for veterans tax credit.
(b) The amount of the tax credit under this section
shall be per cent of the rent received for units
in qualifying rental property developments and 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 claimed whether
or not the taxpayer claims a federal low-income housing tax credit pursuant to section
42 of the Internal Revenue Code.
(c) A qualifying rental property development shall:
(1) Be comprised of
affordable housing; and
(2) Prioritize veteran
tenants for at least per cent of units.
(d) For the purposes of this section:
"Affordable housing" means
the same as defined under section 201H-57.
"Veteran" means the same as defined under section 363-1."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2021.
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INTRODUCED BY: |
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Report Title:
Affordable Housing Developments; Veterans; Tax Credit
Description:
Establishes a tax credit for taxpayers who own affordable housing property developments that include a percentage of units prioritizing veteran tenants.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
