HI HB422

Exempts gross income from general excise taxes for property owners who lease to operators of adult foster homes, adult residential care homes, assisted living facilities, community care foster family homes, developmental disabilities domiciliary homes, expanded adult residential care homes, and child care facilities.

Applies to leasing income received by qualified persons in the State for properties used by certified or approved care providers.

Directs the Director of Taxation and Director of Health to adopt rules under chapter 91 to implement the exemption, including establishing any time limitations.

Takes effect July 1, 2015, but the tax exemption applies only to taxable years beginning after December 31, 2016.

Intended to incentivize growth of health and human service industries by reducing housing costs for care providers and increasing availability of affordable rental facilities.