STAND. COM. REP. NO.  1508

 

Honolulu, Hawaii

                , 2015

 

RE:   S.B. No. 971

      S.D. 1

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 971, S.D. 1, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to ensure that affordable rental housing projects remain affordable by requiring a rental housing project with a general excise tax exemption to enter into a regulatory agreement to maintain affordability thresholds with the Hawaii Housing Finance and Development Corporation for a specified minimum time period to obtain certification for the tax exemption.

 

     The Hawaii Housing Finance and Development Corporation provided testimony in support of this measure.  The Department of Taxation and Tax Foundation of Hawaii submitted comments.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 971, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

 

 

____________________________

SYLVIA LUKE, Chair