HI HB520

Clarifies that the general excise tax exemption under Hawaii Revised Statutes section 201H-36 for affordable housing projects begins once a regulatory agreement is filed or recorded with the land court or bureau of conveyances, whichever is appropriate.

Applies to qualified affordable housing projects including new construction, moderate rehabilitation, substantial rehabilitation, and rental housing with income restrictions ranging from 60% to 140% of area median family income.

Requires rental housing projects to enter into regulatory agreements with minimum terms of 5 years for moderate rehabilitation, 10 years for substantial rehabilitation, or 30 years from certificate of occupancy for new construction.

Removes previous definitions of "moderate rehabilitation" and "substantial rehabilitation" from subsection (d) and relocates them to new subsection (f) for organizational clarity.

Takes effect upon approval and does not affect rights, duties, penalties, or proceedings that occurred before the effective date.