HI SB1201

Exempts gross income from general excise taxes for qualified owners or lessors who lease residential dwelling units to eligible low-income households earning at or below 80% of the area median income as determined by the U.S. Department of Housing and Urban Development.

Requires the Hawaii public housing authority to approve and certify qualified owners or lessors for the tax exemption and forward certifications to the department of taxation.

Directs the director of taxation and Hawaii public housing authority to adopt rules pursuant to Chapter 91 to implement the exemption, including any time limitations.

Allows the Hawaii public housing authority to establish and collect reasonable service fees in connection with approvals and certifications under the exemption program.

Applies to gross income or gross proceeds received after June 30, 2015.