Bill Text: HI SB96 | 2013 | Regular Session | Introduced
Bill Title: Taxation; Affordable Rental Development Incentives
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2013-01-17 - Referred to HMS/EGH, WAM. [SB96 Detail]
Download: Hawaii-2013-SB96-Introduced.html
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THE SENATE |
S.B. NO. |
96 |
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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 taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that according to the Hawaii housing planning study in 2011, there is an estimated need for 13,000 rental units by 2016 for households at or below eighty per cent of the area median income. Additional incentives are needed to expand the supply of affordable rental housing where they are most needed through federal, state, local and private efforts, and partnerships.
The Hawaii interagency council on homelessness determined that a modest incentive to develop affordable rental projects would be to expand the scope of the general excise tax exemption for certified housing projects under section 237-29, Hawaii Revised Statutes, to include non-residential revenue related to the operation of the affordable housing project. The exemption currently only allows the exemption of affordable rental income from a project from the general excise tax. The proposed expansion would exclude income streams such as parking fees and laundry income from the general excise tax.
The purpose of this Act is to implement the recommendation of the Hawaii interagency council on homelessness to allow eligible housing project-related income to be certified for exemption from the general excise tax.
SECTION 2. Section 237-29, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) All gross 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 and all revenues received from laundry, parking, or other project-related fees within a housing project that has been certified or approved under section 201H-36 shall be exempt from general excise taxes."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2013.
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INTRODUCED BY: |
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Report Title:
Taxation; Affordable Rental Development Incentives
Description:
Provides an incentive for development of affordable rental projects by exempting revenues received from laundry, parking, or other fees related to the operation of an eligible housing project from the general excise tax.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
