SB826 amends Hawaii tax law to allow taxpayers to claim a low-income housing tax credit against their net income tax liability.

SB826 modifies Hawaii Revised Statutes to enable taxpayers who have filed a net income tax return to claim a low-income housing tax credit against their net income tax liability. This credit can be deducted from the taxpayer's net income tax liability for the taxable year in which the credit is properly claimed. The credit may be allocated by a partnership or limited liability company in any manner agreed to by the partners or members, provided the individual or entity is deemed a partner or member under applicable state law. The bill does not apply to chapter 302A, part VI, subpart C.

SB826 amends Hawaii tax law to allow taxpayers to claim a low-income housing tax credit against their net income tax liability.

SB826 modifies Hawaii Revised Statutes to enable taxpayers who have filed a net income tax return to claim a low-income housing tax credit against their net income tax liability. This credit can be deducted from the taxpayer's net income tax liability for the taxable year in which the credit is properly claimed. The credit may be allocated by a partnership or limited liability company in any manner agreed to by the partners or members, provided the individual or entity is deemed a partner or member under applicable state law. The bill does not apply to chapter 302A, part VI, subpart C.