HI SB2675

Partners or members of partnerships or limited liability companies allocated low-income housing tax credits issued after July 1, 2026, may further allocate, transfer, sell, or assign all or a portion of the credit to any taxpayer, regardless of ownership interest in the qualified low-income building.

Transferors must 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.

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

Effective date is July 1, 2050, applying to taxable years beginning after December 31, 2026.