HI HB949

Allows a partner or member that is a partnership or limited liability company receiving an allocated low-income housing tax credit to further allocate the credit or transfer, sell, or assign all or a portion of the credit to any person, regardless of whether that person owns an interest in the qualified low-income building.

Requires the transferee to receive the tax credit transfer prior to filing a tax return or amended return claiming the credit, and requires the transferor to notify the Department of Taxation of the transfer at least thirty days before the transferee claims the credit.

Extends the sunset date of Act 129, Session Laws of Hawaii 2016, from December 31, 2027, to December 31, 2032, allowing the low-income housing tax credit provisions to remain in effect for five additional years.

Ensures that amendments to section 235-110.8(b) regarding credit transfers are not repealed when the statute is reenacted on December 31, 2032.

Takes effect July 1, 3000, and applies to taxable years beginning after December 31, 2025.