There is a hearing on Tuesday, April 25, 2006 at 3:50 p.m. in room 016 on a bill of interest to community associations before a Conference Committee.

House Conferees: Representatives Kahikina/Herkes/Nishimoto, Co-Chairs; Pine
Senate Conferees: Senators Menor, Chair; Taniguchi, Co-Chair; Baker, Espero, Kokubun, Hogue

The hearing notice discusses the following bill of interest to community associations:

SB2076 HD2 This bill will exempt from taxation 100% of the income received from the sale to a lessee of the leased fee interest in a residential house lot or multi-family residential leasehold property, or to the association of apartment owners, residential cooperative, or planned community of the multi-family residential leasehold building. Since Honolulu repealed Chapter 38 providing for mandatory conversion of the leased fee interest in condominiums and residential cooperatives, the tax incentive would be a welcome change to the law which may remove one reason a lessor may be unwilling to sell the leased fee interest to the lessees. The tax credit would be in effect for the years 2007 to 2011.The House placed an effective date of 2020 to insure that further discussion is held on the bill.

AS THIS IS A DECISION MAKING MEETING ONLY, NO PUBLIC TESTIMONY WILL BE ACCEPTED. You can of course contact any of the conferees.