BillTrack50 logo
Free Signup Login
Bill

Bill > HB80

HI HB80

Relating To The Low-income Housing Tax Credit.

summary

Introduced
01/21/2021
In Committee
04/23/2021
Crossed Over
03/11/2021
Passed
04/28/2021
Dead
Signed/Enacted/Adopted
07/07/2021

Introduced Session

2021 Regular Session

Bill Summary

Clarifies when and how members or partners of a taxpayer may claim the low-income housing tax credit. Requires a Form 8609 for purposes of claiming the tax credit. Specifies the application of tax provisions with respect to buildings or projects placed in service after 12/31/2020. Extends the sunset date of Act 129, Session Laws of Hawaii 2016, to 12/31/2027. Effective 7/1/2050. (HD1)

AI Summary

This bill clarifies the low-income housing tax credit in Hawaii. It allows the credit to be allocated among partners or members of a taxpayer as agreed upon, regardless of whether they are considered partners or members for federal tax purposes. The bill also requires the use of Form 8609 to claim the credit and specifies that certain tax provisions, such as the installment method and passive activity rules, do not apply to buildings and projects placed in service after December 31, 2020. Additionally, the bill extends the sunset date of the existing low-income housing tax credit law from December 31, 2021 to December 31, 2027.

Committee Categories

Budget and Finance, Housing and Urban Affairs

Sponsors (28)

Last Action

Act 226, 07/06/2021 (Gov. Msg. No. 1354). (on 07/07/2021)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...