Hawaii Legislature Passes Bill to Expand 4 Percent Credit
In response to an economic decline caused by a lack of tourism following the September 11 attacks, the Hawaii legislature held a special session and last month passed legislation allowing for a temporary additional tax credit to help boost the construction industry. The 4 percent credit is applicable to construction or remodeling costs up to $250,000 per unit before July 1, 2002 for residential property, including affordable housing projects. The credit will be administered through the Hawaii Department of Taxation. To view the bill, click here.