Market Stats Council Member Carol Fukunaga introduced Bill 82 to establish a real property tax incentive program for the development of homeless solutions. The bill offers licensed contractors, professional engineers, architects, surveyors, and landscape architects a credit for the value of in-kind contributions provided to a nonprofit organization or the City for the development of homeless facilities or support services on the island.
The amount of the tax credit will be determined in the hearing process but will be limited to a percent of the value of the in-kind goods or services or investment contribution provided. In addition to a cap on the total amount of the credit and a cap on the number of years the credit is allowed, the provider must still pay the minimum tax required under the law.
The Department of Customer Services will manage the program including tracking the contractors, contributions made, and value of the credits. As the City struggles to provide greater access to housing and support services for homeless families, Bill 82 engages professionals who have the technical skills and experience to help develop affordable solutions with nonprofit community partners.
