SB944 amends Hawaii's low-income housing tax credit to allow for credit allocation and transfer among taxpayers.

SB944 modifies the low-income housing tax credit in Hawaii to allow taxpayers to allocate and transfer credits. This change applies to credits awarded after December 31, 2016, and allows for the credit to be transferred, sold, or assigned to any taxpayer, regardless of their ownership interest in the qualified low-income building. The bill also specifies that the transferor must notify the Department of Taxation of any such transfers. This Act will be repealed on December 31, 2032, and the statute will be reenacted in its prior form.

SB944 amends Hawaii's low-income housing tax credit to allow for credit allocation and transfer among taxpayers.

SB944 modifies the low-income housing tax credit in Hawaii to allow taxpayers to allocate and transfer credits. This change applies to credits awarded after December 31, 2016, and allows for the credit to be transferred, sold, or assigned to any taxpayer, regardless of their ownership interest in the qualified low-income building. The bill also specifies that the transferor must notify the Department of Taxation of any such transfers. This Act will be repealed on December 31, 2032, and the statute will be reenacted in its prior form.