HI HB652

Establishes an income tax credit for taxpayers who rent housing to eligible low-income tenants or to eligible organizations serving homeless or low-income families.

Defines "eligible tenant" as a family or individual with income less than 100% of the area median income determined by the U.S. Department of Housing and Urban Development who has filed Hawaii state income tax returns for the past ten consecutive taxable years, or an eligible organization serving homeless or low-income populations.

Allows tax credits to be carried forward to subsequent taxable years if the credit exceeds the taxpayer's income tax liability in the current year.

Permits the Director of Taxation to prepare forms, require reasonable information from taxpayers to verify credit claims, and adopt rules to implement the tax credit program.

Applies to taxable years beginning after December 31, 2017, with the specific dollar amount of the credit per housing unit left blank in the bill text.