SB754 amends Hawaii tax law to modify the credit for qualified low-income housing projects.

SB754 amends Hawaii tax law to modify the credit for qualified low-income housing projects. It specifies that the credit can be claimed against net income tax liability, reduced by all other credits. For the first year of claiming the credit, taxpayers may use an estimated amount if they have not yet received Form 8609, but must amend their return once the form is received. The credit can be carried over to subsequent taxable years until exhausted, but not beyond the tenth year.

SB754 amends Hawaii tax law to modify the credit for qualified low-income housing projects.

SB754 amends Hawaii tax law to modify the credit for qualified low-income housing projects. It specifies that the credit can be claimed against net income tax liability, reduced by all other credits. For the first year of claiming the credit, taxpayers may use an estimated amount if they have not yet received Form 8609, but must amend their return once the form is received. The credit can be carried over to subsequent taxable years until exhausted, but not beyond the tenth year.