HI HB833

Exempts qualified persons and firms from general excise taxes (GET) for planning, design, financing, construction, sale, or lease of affordable rental housing or community health care facilities within mixed-use transit-oriented joint development projects approved by the Hawaii Housing Finance and Development Corporation or Department of Health.

Defines "mixed-use transit-oriented joint development project" as projects combining residential development with commercial/industrial development (including health care facilities), approved by the county, and subject to prevailing wage requirements under federal law or project labor agreements.

Requires the Hawaii Housing Finance and Development Corporation to approve and certify housing projects, and the Department of Health to approve and certify community health care facilities, with exemptions forwarded to the Department of Taxation.

Establishes that cost savings from GET exemptions must be used exclusively to provide affordable rental housing and community health care facilities, with rules adopted by the Department of Taxation, Department of Health, and Housing Finance and Development Corporation.

Takes effect July 1, 2011, but applies to taxable years beginning after December 31, 2012, allowing time for rule adoption.