Loading chat...
HI SB771
Bill
Status
1/21/2011
Primary Sponsor
Rosalyn Baker
Click for details
AI Summary
SB771 Summary
-
Establishes a refundable state income tax credit for qualified taxpayers who purchase newly constructed principal residences between April 1, 2011, and January 1, 2013.
-
Tax credit amount equals the lesser of 2% of the purchase price or $6,000, paid in two equal installments over two consecutive taxable years.
-
Limits eligibility to purchases with a price of $625,000 or less and requires adjusted gross income not to exceed $75,000 for individuals or $150,000 for married couples.
-
Requires the qualified principal residence to receive a certificate of completion on or after April 1, 2011, and be used as the taxpayer's principal residence for the two years following purchase.
-
Includes recapture provisions requiring taxpayers who sell or cease using the residence as principal residence within 730 days to repay the credit on a pro-rata basis.
Legislative Description
Construction Task Force (2010); Tax Credit; Ohana Residential Housing; New Construction
Last Action
(S) The committee(s) on EDT recommend(s) that the measure be HELD. The votes in EDT were as follows: 5 Aye(s): Senator(s) Fukunaga, Wakai, Baker, Solomon, Slom; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.
2/17/2011