HI HB2448

Clarifies that the general excise tax exemption for qualifying affordable housing projects under Hawaii Revised Statutes section 201H-36 commences upon filing or recording of a regulatory agreement in land court or the bureau of conveyances, whichever is appropriate

Adds new subsection (d) to section 201H-36 specifying the exact point when the tax exemption begins, addressing developer uncertainty about the timing of exemption eligibility

Renumbers existing subsections (d), (e), and (f) to (e), (f), and (g) respectively to accommodate the new clarifying provision

Applies to affordable housing projects developed under the Hawaii Housing Finance and Development Corporation's various programs and requirements

Takes effect July 1, 2050