HI HB422

Exempts rental income from general excise tax 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 gross income received by qualified persons leasing property in Hawaii to these 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 applicable time limitations.

Takes effect July 1, 2015, with the tax exemption applying to taxable years beginning after December 31, 2016.

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