HI HB659

Creates a homeownership development tax credit equal to 50% of eligible developer contributions to housing projects, with a maximum annual credit of $250,000.

Applies to taxpayers subject to Hawaii income tax and chapter 237D taxes for taxable years beginning after December 31, 2017.

Defines eligible projects as construction or renovation of single-unit or multiple-unit residential properties providing homeownership opportunities to low-income or very-low-income households.

Requires taxpayers to submit proposals to the Department of Taxation including project description, location details, and a county resolution confirming consistency with local plans and regulations.

Allows unused tax credits to carry forward to subsequent years until exhausted, and requires compliance with federal Davis-Bacon Act and Hawaii chapter 104 labor standards.