STAND. COM. REP. NO.  931

 

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 Housing, to which was referred S.B. No. 971, S.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 for a specified minimum time period with the Hawaii Housing Finance and Development Corporation (Corporation) to qualify for the tax exemption.

 

     The Corporation and two individuals supported this measure.  The Department of Taxation and Tax Foundation of Hawaii commented on this measure.

 

     Your Committee has amended this measure by changing the effective date to July 1, 2050, to encourage further discussion.

 

     As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 971, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 971, S.D. 1, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

 

 

____________________________

MARK J. HASHEM, Chair