STAND. COM. REP. NO.  923-18

 

Honolulu, Hawaii

                , 2018

 

RE:   H.B. No. 2472

      H.D. 1

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 2472, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE LOW-INCOME HOUSING TAX CREDIT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to increase the pool of Hawaii residents eligible to invest in State Low-Income Housing Tax Credits by providing that certain provisions of the Internal Revenue Code related to at-risk rules and deductions and to passive activity loss do not apply with respect to claims for the State Low-Income Housing Tax Credit.

 

     InState Partners supported this measure.  The Department of Taxation, Hawaii Housing Finance and Development Corporation, and Tax Foundation of Hawaii provided comments on this measure.

 

     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 H.B. No. 2472, 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