HI SB1121

Exempts housing developed by the department of Hawaiian home lands from general excise and use taxes on gross proceeds from planning, design, financing, or construction activities.

Applies to newly constructed or moderately/substantially rehabilitated homestead developments meeting specified criteria: government assistance programs, nonprofit sponsorships, affordable rental housing with 50% of units for households at or below 80% of area median family income, or contract developments with 20% affordable units.

Caps allowable general excise and use tax exemptions at $30,000,000 per year in aggregate for all approved projects by the department of Hawaiian home lands.

Requires exemption claims to be filed with and certified by the department of Hawaiian home lands, forwarded to the department of taxation, and does not constitute a state subsidy.

Takes effect July 1, 2050.