SUBJECT:  INCOME, Low-Income Housing Credit, Allocations

BILL NUMBER:  HB 80, HD1

INTRODUCED BY:  House Committee on Housing

EXECUTIVE 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.

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SUBJECT: INCOME, Low-Income Housing Credit, Allocations

BILL NUMBER:  SB 659, HD2

INTRODUCED BY:  House Committee on Consumer Protection & Commerce

EXECUTIVE SUMMARY:  Allows the low-income housing tax credit to be allocated among the partners or members of the partnership or limited liability company earning the credit in any manner agreed to by the partners or members. Extends the increases made to the low-income housing tax credit from 12/31/2021 to an unspecified date.

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SUBJECT:  INCOME, Motion Picture Credit Modification and Extension, Reduces Cap Amounts of Renewable Energy Credit

BILL NUMBER:  HB 1174, SD1

INTRODUCED BY:  Senate Committee on Energy, Economic Development, and Tourism

EXECUTIVE SUMMARY:  Amends the motion picture, digital media, and film production income tax credit by:  (1) Reducing the cap amount and aggregate cap amount of the credit; (2) Requiring the department of business, economic development, and tourism to publish on its website the names of the qualified productions and the amount of the tax credits claimed per qualified production per filing year; and (3) Allowing the tax credit for qualified productions to be carried over and applied to the taxpayer’s future state tax liability.  Extends the repeal date of the tax credit from 1/1/2026 to 1/1/2033.  Effective 7/1/2050.  Increases the cap amounts of the renewable energy technologies income tax credit for community-based renewable energy projects on commercial property.

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SUBJECT:  INCOME, Collect information from real estate investment trusts.

BILL NUMBER:  HB 286, SD1

INTRODUCED BY:  Senate Committee on Commerce and Consumer Protection

EXECUTIVE SUMMARY: Requires real estate investment trusts to notify the department of taxation of its presence within the State and to report the assets and revenues generated annually. Imposes a daily monetary fine for noncompliance.

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SUBJECT:  INCOME, Extend low-income housing credit program

BILL NUMBER:  SB 867, SD1

INTRODUCED BY:  Senate Committee on Housing

EXECUTIVE SUMMARY:  Extends the low-income housing tax credit program for 6 years to 12/31/2027.

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SUBJECT: INCOME, Low-Income Housing Credit, Allocations

BILL NUMBER:  SB 659, HD1

INTRODUCED BY:  House Committee on Housing

EXECUTIVE SUMMARY:  Allows the low-income housing tax credit to be allocated among the partners or members of the partnership or limited liability company earning the credit in any manner agreed to by the partners or members. Extends the increases made to the low-income housing tax credit from 12/31/2021 to 12/31/2027.

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SUBJECT:  INCOME, Increase low-income household renters credit and index it

BILL NUMBER:  SB 302, SD2

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Increases the amount of the tax credit for individuals and households and the adjusted gross income eligibility cap for the income tax credit for low-income household renters using tax brackets for individuals and different categories of households and providing for increases every three years based on the consumer price index.

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