HI SB2833

Increases the state low-income housing tax credit from 50% to 100% of federal credits for qualified low-income buildings that receive allocations after December 31, 2016.

Reduces the credit period from ten years to five years for new allocations, with a potential sixth year if the full allocated credit amount was not used in the first five years.

Allows taxpayers to claim the state credit independently of whether they claim federal credits under Internal Revenue Code Section 42.

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

Sunsets on December 31, 2021, with the prior tax credit law reinstated unless re-enacted.