Section 15-306-31 - Purpose(a) This subchapter implements Act 54, Session Laws of Hawaii 2017, as amended, regarding general excise tax exemptions for qualified persons and firms involved in providing low and moderate income housing. The legislative intent of Act 54, as amended, is to provide a short-term incentive to spur the creation of more affordable housing by: (1) Expanding the types of rental housing projects that can be exempt from general excise taxes; and(2) Allowing the terms of prevailing wages under contracts pursuant to § 201H-36(a)(5) to be deemed prevailing wages as the basis of compliance with chapter 104, HRS for the construction of certain rental housing projects.(b) The basis for exemption of the construction of certain rental housing projects from general excise taxes under this subchapter is § 104-2(i) (2), HRS. Therefore, § 46-15.1, HRS, shall not apply to this subchapter, and the counties may not exercise its provisions. The corporation is the sole governmental agency with authority to approve and certify projects under Act 54, SLH 2017, as amended.(c) Application for exemption from general excise taxes for an affordable rental housing project under this subchapter shall disqualify claimants from applying for exemption from general excise taxes for said project under any other eligibility criterion set forth in § 201H-36(a)(1) to (4), HRS and these rules.[Eff 10/27/2018] (Auth: Act 54, SLH 2017, HRS §§ 104-2, 237-29, 201H-36) (Imp: HRS §§ 201H-36, 237-29)