HI SB1169

Amends Hawaii Revised Statutes section 235-110.8 to explicitly reference the Internal Revenue Code for determining qualified basis, eligible basis, qualified low-income housing projects, and recapture of credits related to the low-income housing tax credit.

Removes the application of Internal Revenue Code section 42(k) (at-risk rules), section 465 (deductions limited to amount at risk), and section 469 (passive activity losses and credits) to investments in buildings and projects claiming Hawaii's low-income housing tax credit.

Appropriates an unspecified sum 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.

Effective January 1, 2018, applying to qualified low-income buildings awarded credits beginning after December 31, 2017; the appropriation takes effect July 1, 2017.

Specifies that amendments made shall not be repealed when section 235-110.8 is reenacted on December 31, 2021, pursuant to Act 129, Session Laws of Hawaii 2016.