HI SB2593

Requires the Department of Taxation to conduct periodic reviews of housing projects that received low- or moderate-income housing general excise tax (GET) exemptions to ensure continued compliance with exemption criteria

Requires the Hawaii Housing Finance and Development Corporation (HHFDC) to establish penalties through administrative rule for projects found to be in noncompliance with exemption requirements

Sets an effective date of July 1, 2020 to allow for further discussion between stakeholders

Department of Taxation opposed the measure while HHFDC, Tax Foundation of Hawaii, and Hawaii Association of REALTORS provided comments