Report Title:
General Excise Tax
Description:
Clarifies provisions relating to exemptions for certified or approved housing projects.
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THE SENATE |
S.B. NO. |
1751 |
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TWENTY-THIRD LEGISLATURE, 2005 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO TAXATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 237-29, Hawaii Revised Statutes, is amended by amending subsections (a) and (b) to read as follows:
"(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] the taxes[.] imposed under this chapter.
(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] the taxes[.] imposed under this chapter."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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