STAND.
COM. REP. NO. 927
Honolulu, Hawaii
, 2021
RE: H.B. No. 80
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 80, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE LOW-INCOME HOUSING TAX CREDIT,"
begs leave to report as follows:
The purpose of this measure
is to:
(1) Clarify how the Low-Income Housing Tax Credit may be allocated among partners or members of a taxpayer;
(2) Allow a taxpayer to claim the Low-Income Housing Tax Credit for the first year under certain conditions;
(3) Specify the application of certain tax provisions with respect to low-income buildings placed in service after December 31, 2020; and
(4) Extend the sunset date
of Act 129, Session Laws of Hawaii 2016, to December 31, 2027.
Your
Committee received testimony in support of this measure from EAH Housing;
Stanford Carr Development, LLC; Bank of Hawaii; Schatz Collaborative; Dowling
Company, Inc.; Hawaii Laborers-Employers Cooperation and Education Trust;
Pacific Resource Partnership; Maui Chamber of Commerce; Hawai‘i Appleseed Center for Law
& Economic Justice; Hawaii Laborers' Union Local 368; and Moss &
Associates. Your Committee received
comments on this measure from the Department of Taxation, Department of Budget
and Finance, Hawaii Housing Finance and Development Corporation, Tax Foundation
of Hawaii, Sugar Creek Capital, Hunt Companies – Hawaii, Hunt Capital Partners
LLC, Āhē Group, and Affordable Housing Development Hawaii, LLC.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 80, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
|
|
____________________________ SYLVIA LUKE, Chair |
|
|
|