Historic preservation income tax credit for substantial rehabilitation of certified historic structures in Hawaii.
This bill establishes a historic preservation income tax credit for substantial rehabilitation of certified historic structures in Hawaii. The credit is equal to 30% of the qualified rehabilitation expenditures. A certified historic structure is one listed in the Hawaii or national register of historic places, located in a listed historic district, or deemed eligible by the state historic preservation division. The credit can be used against the taxpayer's income tax liability, with any excess credit carried forward for up to ten years.
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