HI SB2676

Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to approve and certify general excise tax exemptions for housing projects developed under county housing incentive programs where at least 50% of units serve households at or below 100% of area median income.

Expands general excise tax exemptions to include non-contracting costs for qualifying affordable rental housing projects, with a $30,000,000 annual cap in aggregate exemptions.

Requires new construction projects developed under county assistance programs to maintain affordability compliance for a minimum of 15 years (compared to 30 years for other new construction projects).

Sets a July 1, 2026 deadline for county projects to be initially approved and certified to receive general excise tax exemptions under current provisions.

Takes effect July 1, 2050, with sunset provisions repealing the changes on July 1, 2031, reverting affected statutes to their prior form.