Bill Text: HI HB1396 | 2011 | Regular Session | Introduced
Bill Title: Affordable Housing; GET Exemption; Residency Requirement
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-01-28 - (H) Referred to HSG, FIN, referral sheet 3 [HB1396 Detail]
Download: Hawaii-2011-HB1396-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1396 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 201H-1, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows:
""Qualified person or firm" means an individual, partnership, joint venture, corporation, association, limited liability partnership, limited liability company, business, trust, or any organized group of persons or legal entities, or any combination thereof, which possesses all professional or vocational licenses necessary to do business in the State in conjunction with the planning, design, financing, construction (including materials and supplies for new construction, moderate rehabilitation, and substantial rehabilitation), sale, or rental of eligible housing projects."
SECTION 2. Section 237-1, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows:
""Qualified person or firm" means an individual, partnership, joint venture, corporation, association, limited liability partnership, liability company, business, trust, or any organized group of persons or legal entities, or any combination thereof, which possesses all professional or vocational licenses necessary to do business in the State in conjunction with the planning, design, financing, construction (including materials and supplies for new construction, moderate rehabilitation, and substantial rehabilitation), sale, or rental of eligible housing projects."
SECTION 3. Section 201H-36, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) In accordance with section 237-29, the corporation may approve and certify for exemption from general excise taxes any qualified person or firm involved with a newly constructed, or moderately or substantially rehabilitated project:
(1) Developed under this part;
(2) Developed under a government assistance program
approved by the corporation, including [but not limited to] the United
States Department of Agriculture 502 program and Federal Housing Administration
235 program;
(3) Developed under the sponsorship of a private nonprofit organization providing home rehabilitation or new homes for qualified families in need of decent, low-cost housing; or
(4) Developed by a qualified person or firm to
provide affordable rental housing where at least fifty per cent of the
available units are for households with gross annual incomes at or below
eighty per cent of the area median family income as determined by the United
States Department of Housing and Urban Development, of which at least twenty
per cent of the available units are for households with gross annual incomes
at or below sixty per cent of the area median family income as determined by
the United States Department of Housing and Urban Development[.];
provided that the units of the newly constructed, or moderately or substantially rehabilitated project are sold or rented to households that include a qualified resident as defined in section 201H-32. An exemption from general excise taxes granted to qualified persons or firms pursuant to this subsection shall apply to only that portion of income received from households or projects that meet the residency and gross annual income requirements set forth in this subsection."
SECTION 4. Section 237-29, Hawaii Revised Statutes, is amended to read as follows:
"§237-29 Exemptions for certified or
approved housing projects. (a) All [gross] qualifying income
received by any qualified person or firm for the planning, design, financing,
construction, sale, or lease in the State of a housing project that has been
certified or approved under section 201H-36 shall be exempt from general excise
taxes.
(b) All [gross] qualifying income
received by a nonprofit or a limited distribution mortgagor for a low- and
moderate-income housing project certified or approved under section 201H-36
shall be exempt from general excise taxes.
(c) The director of taxation and the Hawaii housing finance and development corporation shall adopt rules pursuant to chapter 91 for the purpose of this section, including any time limitation for the exemptions."
SECTION 5. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2011.
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INTRODUCED BY: |
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Report Title:
Affordable Housing; GET Exemption; Residency Requirement
Description:
Adds a residency requirement for households in a newly constructed or moderately or substantially rehabilitated housing project developed by a qualified or firm in order for that person or firm to be considered to receive a general excise tax exemption. Effective July 1, 2011.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
