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HI SB765
Bill
AI Summary
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Authorizes the Department of Business, Economic Development, and Tourism to participate with qualified community development entities in pursuing federal new market tax credits program financing for community-based economic development.
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Allows the department to encourage use of federal and private funds for economic development and use state resources to leverage federal and private dollars through the federal new market tax credits program.
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Adds definition of "qualified community development entity" to Chapter 210D, Hawaii Revised Statutes, with the same meaning as in section 45D(c)(1) of the Internal Revenue Code of 1986.
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Amends Section 210D-8 to enumerate the department's powers and duties, adding two new provisions regarding participation with qualified community development entities and leveraging of federal and private funding.
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Takes effect on July 1, 2050.
Legislative Description
Relating To New Market Tax Credits.
Economic Development
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) Ing, C. Lee, McKelvey, Souki, Todd, Ward excused (6).
3/21/2018