§237-29 Exemptions for certified or approved housing projects. (a) All gross income received by any qualified person or firm for the planning, design, financing, construction, sale, or lease in the State of a housing project which has been certified or approved under section 201G-116 shall be exempt from general excise taxes.

(b) All gross income received by a nonprofit or a limited distribution mortgagor for a low and moderate income housing project certified or approved under section 201G-116 shall be exempt from general excise taxes.

(c) The director of taxation and the housing and community development corporation of Hawaii shall adopt rules pursuant to chapter 91 for the purpose of this section, including any time limitation for the exemptions. [L 1967, c 140, §§1, 2; HRS §237-29; am L 1969, c 132, §1; am L 1983, c 228, §1; am L 1985, c 77, §1; am L 1987, c 337, §11; am L 1988, c 153, §3; am L 1989, c 237, §2; am L 1990, c 68, §2; am L 1997, c 350, §§14 to 16]