Hawaii Revised Statutes 39a-124.5 Federal Tax Exempt Status.

[§39A-124.5] Federal tax exempt status. Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes (except as certain minimum taxes or environmental taxes may apply). The director of finance may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income tax purposes. [L 1996, c 142, §3]

Section: Previous  39a-118  39a-119  39a-120  39a-121  39a-122  39a-123  39a-124  39a-124.5  39a-125  39a-126  39a-127  39a-128  39a-129  39a-130  39a-131  Next

Last modified: October 27, 2016