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THE SENATE |
S.B. NO. |
2006 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to fire safety.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1.
The legislature finds that the
devastating Marco Polo fire in July 2017, which claimed three lives and caused
millions of dollars in damages, demonstrates the need to protect condominiums
and their inhabitants from fire. Automatic
fire sprinkler systems may cost condominium associations a substantial amount
of money; however, such systems can save lives and prevent significant property
damage. Retrofitting or installing automatic fire sprinklers or automatic
fire sprinkler systems ensures that life and property are continually
safeguarded from the hazards of fire.
The purpose of this Act is to:
(1) Exempt the gross proceeds of costs incurred to retrofit or install automatic fire sprinkler systems from general excise taxes; and
(2) Provide interest-free loans to condominium associations to retrofit or install automatic fire sprinkler systems.
SECTION 2. Chapter 237, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§237- Exemption for retrofitting or installation of automatic fire sprinklers or sprinkler systems. This chapter shall not apply to the gross proceeds of sales of equipment, materials, and labor to retrofit or install automatic fire sprinklers or automatic fire sprinkler systems in any condominium in the State built prior to 1975."
SECTION 3. Each association of owners of a condominium in the State may apply for an interest-free loan of up to $250,000 from the Hawaii housing finance and development corporation to retrofit or install automatic fire sprinklers or an automatic fire sprinkler system in the condominium. The Hawaii housing finance and development corporation shall adopt rules pursuant to chapter 91, Hawaii Revised Statutes, as may be necessary to administer fire sprinkler system loans to condominium associations.
SECTION 4. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2018-2019 for interest-free loans to be made available to associations of owners of condominiums in the State to retrofit or install automatic fire sprinklers or automatic fire sprinkler systems.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2018.
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INTRODUCED BY: |
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Report Title:
General Excise Tax Exemption; Automatic Fire Sprinkler System; Interest-Free Loan; Condominium
Description:
Exempts the gross proceeds of sales of equipment, materials, and labor to retrofit or install an automatic fire sprinkler system from general excise taxes. Provides interest-free loans to condominium associations to retrofit or install automatic fire sprinklers or sprinkler systems.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.