HI SB2695

Establishes a housing incentive fund administered by the Hawaii Public Housing Authority, funded through general obligation bond appropriations and private contributions from individuals, partnerships, firms, associations, and corporations.

Fund monies support construction, rehabilitation, or preservation of multifamily housing for essential workers and low to moderate income households, including seniors and people with special needs.

Eligible fund recipients include state and county governments, nonprofit organizations, public-private partnerships, and for-profit developers; individual direct assistance is prohibited.

Creates a 20 percent income tax credit for individual and corporate taxpayers who contribute to the fund, with aggregate credits capped at $4,000,000 per biennium and carryforward period of up to 10 years.

Excess tax credits may be carried forward to subsequent taxable years; Hawaii Public Housing Authority must file contribution documentation with taxpayers and the director of taxation within 30 days of contribution.