HI HB1306

Removes exemption allowing county affordable housing projects to claim the same general excise and receipts tax exemptions as the Hawaii Housing Finance and Development Corporation.

Requires all general excise tax exemption claims for housing projects to be filed with and reviewed by both the Hawaii Housing Finance and Development Corporation and the Department of Taxation prior to certification.

Mandates renewal of tax exemption certifications every four years, with each certification subject to audit as directed by the legislature.

Requires the Department of Taxation to maintain annual and cumulative records of all tax exemptions claimed, with the corporation submitting annual reports to the legislature starting with the 2012 session.

Effective July 1, 2030, applying to taxable years beginning after December 31, 2011.