HB 949 Hawaii House · 2025 Regular Session

RELATING TO THE LOW-INCOME HOUSING TAX CREDIT.

Summary

Clarifies that a partner or member that is a partnership or limited liability company that has been allocated a low-income housing tax credit may either further allocate the credit or transfer, sell, or assign all or a portion of the credit to any person. Extends the sunset date of Act 129, SLH 2016, relating to the low-income housing tax credit, from 12/31/2027 to 12/31/2032. Effective 7/1/3000. (HD2)

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 21, 2025 Last action Feb 12, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

HB949_HD1 → HB949_HD2 · 4 edits

MODERATE

This bill amends Hawaii's low-income housing tax credit law to clarify how credits can be transferred and extends the sunset date for the program. The changes allow partners or members of partnerships and limited liability companies to transfer, sell, or assign their tax credits to any taxpayer, not just those who own an interest in the building. The sunset date for the program is extended from December 31, 2027 to December 31, 2032.

Scope change

The bill expands who can receive transferred tax credits from only those with building ownership to any taxpayer, and extends the program's expiration date by five years.

ELIGIBILITY

Tax credits can now be transferred to any taxpayer regardless of whether they own an interest in the qualified low-income building

REQUIREMENT

Transferors must notify the department of taxation at least 30 days before the transferee claims the credit

TIMELINE

The sunset date for the low-income housing tax credit program is extended from December 31, 2027 to December 31, 2032

The bill's effective date is set to July 1, 3000, making it permanently effective unless repealed

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 12, 2025

Committee

Report adopted; referred to the committee(s) on FIN as amended in HD 2 with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Sayama, Ward excused (3).

lower

Feb 12, 2025

Committee

Reported from ECD (Stand. Com. Rep. No. 500) as amended in HD 2, recommending referral to FIN.

lower

Feb 7, 2025

Lower · Passed

The committee on ECD recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 7 Ayes: Representative(s) Ilagan, Hussey, Holt, Tam, Templo, Todd, Matsumoto; Ayes with reservations: none; 0 Noes: none; and 0 Excused: none.

lower

Feb 4, 2025

Committee

Reported from HSG (Stand. Com. Rep. No. 135) as amended in HD 1, recommending passage on Second Reading and referral to ECD.

lower

Jan 29, 2025

Lower · Passed

The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 8 Ayes: Representative(s) Evslin, Miyake, Grandinetti, Kila, Kitagawa, La Chica, Muraoka, Pierick; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Cochran.

lower

Jan 23, 2025

Committee

Referred to HSG, ECD, FIN, referral sheet 3

lower

Jan 23, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 21, 2025

Introduced

Pending introduction.

lower

2 primary · 0 co-sponsors