Bill > SB2676

This bill authorizes the Hawaii Housing Finance and Development Corporation (HHFDC), a state agency, to approve and certify exemptions from the general excise tax, which is a tax on the gross income of businesses, for certain housing development projects. This exemption can now include costs that are not directly related to construction contracts, and it specifically applies to projects developed under county housing incentive programs, meaning programs offered by individual cities or counties within Hawaii. The bill also makes conforming amendments to existing laws to align with these changes and includes provisions for prevailing wages on these projects. Importantly, the authority granted by this bill will sunset, meaning it will expire, on July 1, 2031, and the overall effective date of the bill is July 1, 2050.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2676&year=2026