HI HB514

Establishes a state tax exemption for income earned and obligations issued by nonprofit entities designated as public housing agencies under federal law and declared tax exempt by the U.S. Department of Housing and Urban Development.

Aligns with Section 11 of the Housing Act of 1937, which provides that public housing agency obligations and income derived from low-income housing projects are exempt from all U.S. taxation.

Relocates the existing state tax exemption provision from Section 201H-37 of the Hawaii Revised Statutes to the appropriate chapter for organizational purposes.

Received support from the Hawaii Public Housing Authority and Hawaii Housing Finance and Development Corporation.

Characterized as a housekeeping measure to improve the organization of tax exemption statutes in state law.