Bill > HB2385

This bill authorizes the Hawaii Housing Finance and Development Corporation (HHFDC), a state agency responsible for housing development, to approve and certify exemptions from the general excise tax for certain housing projects that are developed under county housing incentive programs. The general excise tax is a tax on the gross income of businesses in Hawaii. This exemption is intended to help offset rising construction costs and interest rates, making it easier to develop affordable housing, which has been declared an emergency in Hawaii due to the nation's most expensive housing market and a projected need for fifty thousand homes in the next five years. The bill also makes conforming amendments to existing laws to reflect these changes and specifies an effective date of July 1, 3000.

Budget and Finance, Business and Industry, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=2385&year=2026