Hawaii 2022 Regular Session

Hawaii Senate Bill SB2063 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	THE SENATE S.B. NO. 2063 THIRTY-FIRST LEGISLATURE, 2022 STATE OF HAWAII A BILL FOR AN ACT relating to an affordable housing tax credit. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
2	2
3	3	THE SENATE S.B. NO. 2063
4	4	THIRTY-FIRST LEGISLATURE, 2022
5	5	STATE OF HAWAII
6	6
7	7	THE SENATE
8	8
9	9	S.B. NO.
10	10
11	11	2063
12	12
13	13	THIRTY-FIRST LEGISLATURE, 2022
14	14
15	15
16	16
17	17	STATE OF HAWAII
18	18
19	19
20	20
21	21
22	22
23	23
24	24
25	25
26	26
27	27
28	28
29	29
30	30
31	31	A BILL FOR AN ACT
32	32
33	33
34	34
35	35
36	36
37	37	relating to an affordable housing tax credit.
38	38
39	39
40	40
41	41
42	42
43	43	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
44	44
45	45
46	46
47	47	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. INTRODUCED BY: _____________________________
48	48
49	49	SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
50	50
51	51	"§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.
52	52
53	53	(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.
54	54
55	55	(c) A qualifying rental property development shall:
56	56
57	57	(1) Be comprised of affordable housing; and
58	58
59	59	(2) Prioritize veteran tenants for at least per cent of units.
60	60
61	61	(d) For the purposes of this section:
62	62
63	63	"Affordable housing" means the same as defined under section 201H-57.
64	64
65	65	"Veteran" means the same as defined under section 363-1."
66	66
67	67	SECTION 2. New statutory material is underscored.
68	68
69	69	SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2021.
70	70
71	71
72	72
73	73	INTRODUCED BY: _____________________________
74	74
75	75	INTRODUCED BY:
76	76
77	77	_____________________________
78	78
79	79
80	80
81	81
82	82
83	83	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.
84	84
85	85
86	86
87	87
88	88
89	89	Report Title:
90	90
91	91	Affordable Housing Developments; Veterans; Tax Credit
92	92
93	93
94	94
95	95	Description:
96	96
97	97	Establishes a tax credit for taxpayers who own affordable housing property developments that include a percentage of units prioritizing veteran tenants.
98	98
99	99
100	100
101	101
102	102
103	103
104	104
105	105	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.