REPORT TITLE:
Low-income housing; tax credit

DESCRIPTION:
Allows insurance companies to utilize the low-income housing tax
credit to offset insurance premium taxes.

 
a                                                     BED-23(99)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1076
THE SENATE                              S.B. NO.           
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
________________________________________________________________
________________________________________________________________


                   A  BILL  FOR  AN  ACT

RELATING TO INSURANCE PREMIUM TAXES.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Chapter 431, Hawaii Revised Statutes, is amended
 
 2 by adding to article 7 a new section to be appropriately
 
 3 designated and to read as follows:
 
 4      "431:7-    Low-income housing, income tax credit.  The low-
 
 5 income housing tax credit provided under section 235-110.8 shall
 
 6 be operative for this chapter and may be claimed against the tax
 
 7 imposed under section 431:7-202."
 
 8      SECTION 2.  New statutory material is underscored.
 
 9      SECTION 3.  This Act shall take effect upon its approval and
 
10 shall apply to taxable years beginning after December 31, 1998.
 
11 
 
12                           INTRODUCED BY: ________________________
 

 
a                                                     BED-23(99)