Report Title:

DOE; Teacher Housing; Tax Credit

Description:

Provides a tax credit for landlords who provide housing for teachers employed in hard-to-staff public schools.

THE SENATE

S.B. NO.

2422

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to teachers.

 

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

SECTION 1. The legislature finds that there is a pressing need to provide housing assistance for the recruitment and retention of teachers in hard-to-staff public schools, as determined by the department of education.

The purpose of this Act is to provide an income tax credit for landlords who provide housing for teachers employed in hard-to-staff public schools.

SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"235-   Teacher housing; tax credit program. (a) There is established in the department a teacher housing tax credit program which shall provide a tax credit for landlords renting or leasing housing to teachers employed in hard-to-staff public schools.

(b) As used in this section, "hard-to-staff public schools" shall include any school or area determined to be hard-to-staff by the department of education, provided that the department of education shall reevaluate and revise such a determination periodically to maintain a current listing of hard-to-staff public schools.

(c) Teacher housing shall be eligible for the teacher housing tax credit program if it is located in the state senatorial district of the hard-to-staff public school, provided that on Oahu teacher housing shall also be eligible if it is located in the state senatorial district adjacent to that of the hard-to-staff public school.

(d) The department shall maintain a current list of fair market rental and lease rates for areas where teacher housing is eligible for the teacher housing tax credit program.

(e) Each individual or corporate resident taxpayer that files an individual or corporate net income tax return for a taxable year may claim a tax credit under this section against the Hawaii state individual or corporate net income tax. The tax credit may be claimed for the cumulative difference during any taxable year after June 30, 2004 between the fair market rental or lease rate for eligible teacher housing, as determined by the department, and the actual rental or lease rate charged by the landlord to teachers employed in hard-to-staff public schools.

(f) The director of taxation shall prepare any forms that may be necessary to claim a tax credit under this section. The director may also require the taxpayer to furnish reasonable information, including but not limited to an appraisal estimated by a licensed appraiser, to ascertain the validity of the claim for credit made under this section and may adopt rules necessary to effectuate the purposes of this section pursuant to chapter 91."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval and shall apply to taxable years beginning after December 31, 2003.

INTRODUCED BY:

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