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HI HB1335
Bill
Status
1/25/2017
Primary Sponsor
Mark Hashem
Click for details
AI Summary
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Amends Hawaii Revised Statutes Section 235-110.8 to clarify that federal Internal Revenue Code provisions regarding qualified basis, eligible basis, qualified low-income housing projects, and recapture of credit apply to the state low-income housing tax credit.
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Removes the requirement that at-risk rules under Internal Revenue Code Section 42(k) apply to state low-income housing tax credit investments.
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Specifies that federal at-risk rules (Section 42(k)), deduction limitations (Section 465), and passive activity loss restrictions (Section 469) do not apply to investments claiming the state low-income housing tax credit.
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Appropriates unspecified funds for fiscal years 2017-2018 and 2018-2019 to establish one full-time position in the Hawaii Housing Finance and Development Corporation to oversee the Low-Income Housing Tax Credit Program.
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Effective date applies to qualified low-income buildings awarded credits beginning after December 31, 2017, with the appropriation effective July 1, 2017.
Legislative Description
Relating To The Low-income Housing Tax Credit.
Hawaii Housing Finance and Development Corporation
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Tokioka excused (2).
2/17/2017