STAND.
COM. REP. NO. 744-20
Honolulu, Hawaii
, 2020
RE: H.B. No. 2527
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirtieth State Legislature
Regular Session of 2020
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 2527, 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:
(1) Specify that certain provisions of the Internal Revenue Code related to at-risk rules and deductions and passive activity loss do not apply to the State Low-Income Housing Tax Credit allocations after December 31, 2020;
(2) Extend the time period in which to claim the Low-Income Housing Tax Credit; and
(3) Enable state partnerships to claim the tax credit even if the partnerships are not considered partners for federal tax purposes.
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. 2527, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ SYLVIA LUKE, Chair |
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