HRS §356D-7.5
Tax exemption for public housing agency income and bonds
This section says that if a nonprofit is officially recognized as a public housing agency and the federal government says its income and bonds are tax-exempt, then Hawaii will not tax that income or those bonds either.
The statute, as written — Exemption from tax on income and obligations
Income earned and obligations issued by a nonprofit entity determined to be a "public housing agency" pursuant to section 3(b)(6) of the United States Housing Act of 1937, as amended, and which income and obligations are declared by the United States Department of Housing and Urban Development to be exempt from all taxation imposed by the United States pursuant to section 11(b) of the Act, shall be exempt from all taxation now or hereafter imposed by the State.
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