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| 1 | - | THE SENATE S.B. NO. 826 THIRTY-THIRD LEGISLATURE, 2025 S.D. 1 STATE OF HAWAII | |
| 1 | + | THE SENATE S.B. NO. 826 THIRTY-THIRD LEGISLATURE, 2025 S.D. 1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO THE LOW-INCOME HOUSING TAX CREDIT. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 3 | 3 | THE SENATE S.B. NO. 826 | |
| 4 | 4 | THIRTY-THIRD LEGISLATURE, 2025 S.D. 1 | |
| 5 | - | STATE OF HAWAII | |
| 5 | + | STATE OF HAWAII | |
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| 7 | 7 | THE SENATE | |
| 8 | 8 | ||
| 9 | 9 | S.B. NO. | |
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| 11 | 11 | 826 | |
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| 13 | 13 | THIRTY-THIRD LEGISLATURE, 2025 | |
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| 15 | 15 | S.D. 1 | |
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| 17 | 17 | STATE OF HAWAII | |
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| 31 | 31 | A BILL FOR AN ACT | |
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| 36 | 36 | ||
| 37 | 37 | RELATING TO THE LOW-INCOME HOUSING TAX CREDIT. | |
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| 43 | 43 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 47 | - | SECTION 1. Section 235-110.8, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows: "(b) Each taxpayer subject to the tax imposed by this chapter, who has filed a net income tax return for a taxable year may claim a low-income housing tax credit against the taxpayer's net income tax liability. The amount of the credit 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 allocated by a partnership or limited liability company in any manner agreed to by the partners or members regardless of whether the individual or entity to receive the credit is deemed to be a partner or member for federal income tax purposes, so long as the individual or entity is deemed to be a partner or member pursuant to applicable state law. The credit may be claimed whether or not the taxpayer is eligible to be allocated a federal low-income housing tax credit pursuant to section 42 of the Internal Revenue Code | |
| 47 | + | SECTION 1. Section 235-110.8, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows: "(b) Each taxpayer subject to the tax imposed by this chapter, who has filed a net income tax return for a taxable year may claim a low-income housing tax credit against the taxpayer's net income tax liability[.]; provided that the tax credit shall not be available for any development, planning, or construction by any department or agency of the State. The amount of the credit 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 allocated by a partnership or limited liability company in any manner agreed to by the partners or members regardless of whether the individual or entity to receive the credit is deemed to be a partner or member for federal income tax purposes, so long as the individual or entity is deemed to be a partner or member pursuant to applicable state law. The credit may be claimed whether or not the taxpayer is eligible to be allocated a federal low-income housing tax credit pursuant to section 42 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, 2050, and apply to taxable years beginning after December 31, 2024. | |
| 48 | 48 | ||
| 49 | 49 | SECTION 1. Section 235-110.8, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows: | |
| 50 | 50 | ||
| 51 | - | "(b) Each taxpayer subject to the tax imposed by this chapter, who has filed a net income tax return for a taxable year may claim a low-income housing tax credit against the taxpayer's net income tax liability. The amount of the credit 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 allocated by a partnership or limited liability company in any manner agreed to by the partners or members regardless of whether the individual or entity to receive the credit is deemed to be a partner or member for federal income tax purposes, so long as the individual or entity is deemed to be a partner or member pursuant to applicable state law. The credit may be claimed whether or not the taxpayer is eligible to be allocated a federal low-income housing tax credit pursuant to section 42 of the Internal Revenue Code | |
| 51 | + | "(b) Each taxpayer subject to the tax imposed by this chapter, who has filed a net income tax return for a taxable year may claim a low-income housing tax credit against the taxpayer's net income tax liability[.]; provided that the tax credit shall not be available for any development, planning, or construction by any department or agency of the State. The amount of the credit 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 allocated by a partnership or limited liability company in any manner agreed to by the partners or members regardless of whether the individual or entity to receive the credit is deemed to be a partner or member for federal income tax purposes, so long as the individual or entity is deemed to be a partner or member pursuant to applicable state law. The credit may be claimed whether or not the taxpayer is eligible to be allocated a federal low-income housing tax credit pursuant to section 42 of the Internal Revenue Code." | |
| 52 | 52 | ||
| 53 | 53 | SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. | |
| 54 | 54 | ||
| 55 | - | SECTION 3. This Act shall take effect on July 1, | |
| 55 | + | SECTION 3. This Act shall take effect on July 1, 2050, and apply to taxable years beginning after December 31, 2024. | |
| 56 | 56 | ||
| 57 | - | Report Title: LIHTC; School Facilities Authority; Eligibility Description: Specifies that the School Facilities Authority is not eligible as a housing developer for the purposes of the Low-Income Housing Tax Credit. Effective 7/1/3000. (HD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
| 57 | + | Report Title: DOTAX; Low-Income Housing Tax Credit; State Departments and Agencies Description: Exempts state departments and agencies from eligibility for the low-income housing tax credit. Effective 7/1/2050. (SD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
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| 62 | 64 | ||
| 63 | 65 | Report Title: | |
| 64 | 66 | ||
| 65 | - | ||
| 67 | + | DOTAX; Low-Income Housing Tax Credit; State Departments and Agencies | |
| 66 | 68 | ||
| 67 | 69 | ||
| 68 | 70 | ||
| 69 | 71 | Description: | |
| 70 | 72 | ||
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| 73 | + | Exempts state departments and agencies from eligibility for the low-income housing tax credit. Effective 7/1/2050. (SD1) | |
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| 79 | 81 | The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. |