§237-29  Exemptions for certified or
approved housing projects.  (a)  All gross income received by any qualified
person or firm for the planning, design, financing, construction, sale, or
lease in the State of a housing project that has been certified or approved
under section 201H-36 shall be exempt from general excise taxes.



(b)  All gross income received by a nonprofit
or a limited distribution mortgagor for a low- and moderate-income housing
project certified or approved under section 201H-36 shall be exempt from
general excise taxes.



(c)  The director of taxation and the Hawaii
housing finance and development corporation shall adopt rules pursuant to
chapter 91 for the purpose of this section, including any time limitation for
the exemptions. [L 1967, c 140, §§1, 2; HRS §237-29; am L 1969, c 132, §1; am L
1983, c 228, §1; am L 1985, c 77, §1; am L 1987, c 337, §11; am L 1988, c 153,
§3; am L 1989, c 237, §2; am L 1990, c 68, §2; am L 1997, c 350, §§14 to 16; am
L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2007, c 249, §18]