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

(b)  All gross income received by a nonprofitor a limited distribution mortgagor for a low- and moderate-income housingproject certified or approved under section 201H-36 shall be exempt fromgeneral excise taxes.

(c)  The director of taxation and the Hawaiihousing finance and development corporation shall adopt rules pursuant tochapter 91 for the purpose of this section, including any time limitation forthe exemptions. [L 1967, c 140, §§1, 2; HRS §237-29; am L 1969, c 132, §1; am L1983, 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; amL 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2007, c 249, §18]