Hawaii Revised Statutes 39A-296 – Exemption from taxation of department property
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Hawaii Revised Statutes 39A-296
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-281
- Project: means the acquisition, purchase, design, development, construction, reconstruction, rehabilitation, improvement, betterment, extension, financing, or refinancing of low- and moderate-income housing. See Hawaii Revised Statutes 39A-281
- Project agreement: means any agreement entered into under this part by the department with a project party providing for the issuance of special purpose revenue bonds to finance the development of low- and moderate-income housing, or to loan the proceeds of the special purpose revenue bonds to assist a project party in the development of low- and moderate-income housing, including without limitation any loan agreement. See Hawaii Revised Statutes 39A-281
- Project party: means an entity engaged in the development of a low- and moderate-income housing project, including a not-for-profit private organization, for-profit private organization, or public instrumentalities and their qualified affiliates. See Hawaii Revised Statutes 39A-281
All revenues derived by the department from any project or under the project agreement pertaining to it shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in any project shall also be exempt from all state, county, and municipal taxation.
Except as otherwise provided by law, the interest of the project party or user of a project under the project agreement or related agreement shall not be exempt from taxation to a greater extent than it would be if the costs of the project were directly financed by the project party or other user.