HI HB2472

Modifies Hawaii's low-income housing tax credit under section 235-110.8 to allow taxpayers to claim the credit regardless of whether they claim a federal low-income housing tax credit.

For buildings receiving allocations after December 31, 2016, limits state credits to the amount of federal credits allocated in the first five years, with a sixth-year true-up provision, and zero credits thereafter.

For buildings receiving allocations after December 31, 2018, excludes sections 453, 465, and 469 of the Internal Revenue Code from application, requires partner distributions to be proportional to credit allocations, and caps state credits at 50 percent of federal credits.

Establishes that net income tax liability for credit purposes means tax liability reduced by all other allowable credits, and allows excess credits to carry forward to subsequent years until exhausted.

Takes effect July 1, 2050, and applies to qualified low-income buildings receiving credit allocations beginning after December 31, 2018.