HI HB2744

Amends Hawaii's low-income housing tax credit (LIHTC) to base the credit amount on whether a building is financed with tax-exempt bonds, effective for allocations after December 31, 2016.

For buildings not financed with tax-exempt bonds: allows credits equal to the federal applicable percentage for the first five years, with unused credits available in year six, capped at 50% of total federal credits over ten years.

For buildings financed with tax-exempt bonds: allows credits equal to twice the federal applicable percentage for the first five years, with unused credits available in year six, capped at 100% of total federal credits over ten years.

Maintains existing 50% state credit for buildings receiving allocations prior to January 1, 2017.

Changes the state housing credit allocation method to equal the amount allocated to Hawaii under Internal Revenue Code section 42(h), rather than the prior $1.25 multiplied by state population formula.