HI SB855

Modifies Hawaii's low-income housing tax credit under Section 235-110.8 to exclude application of Internal Revenue Code sections 453 (installment method), 465 (at-risk deductions), and 469 (passive activity losses) for qualified low-income buildings receiving allocations after December 31, 2019.

Requires all allocations of income, loss, and deductions to partners be made in proportion to their allocation of credits under the low-income housing tax credit program.

Caps state-allocated credits at no more than 50 percent of the amount of federal credits allocated to any qualified low-income building receiving allocations after December 31, 2019.

Takes effect July 1, 2050, and applies to qualified low-income buildings receiving credit allocations beginning after December 31, 2019.

Preserves amendments made to Section 235-110.8 from repeal and reenactment under Act 129, Session Laws of Hawaii 2016.