HI SB944

Allows partners or members that are partnerships or limited liability companies to transfer, sell, or assign low-income housing tax credits to any taxpayer, regardless of whether the taxpayer owns an interest in the qualified low-income building.

Requires transferors to notify the Department of Taxation of any credit transfer, sale, or assignment by the twentieth day of the first month following the end of the taxable year for which the credit is claimed.

Extends the sunset date for Act 129, Session Laws of Hawaii 2016 (the low-income housing tax credit program) from December 31, 2027 to December 31, 2032.

Ensures that amendments made by Act 226, Session Laws of Hawaii 2021 to the low-income housing tax credit provisions are permanently retained and not repealed when the statute is reenacted in 2032.

Takes effect on July 1, 3000 and applies to taxable years beginning after December 31, 2024.