Hawaii HB1201 establishes tax credits for insurers providing full property coverage to condominium owners and associations.

Hawaii HB1201 creates tax credits for insurers that offer full property coverage to condominium owners and associations. The bill aims to incentivize insurers by providing a tax credit equal to twenty percent of the insurance premium for full coverage, including windstorm, hurricane, hail, flood, fire, and localized perils. Additionally, insurers incorporated in Hawaii can claim an extra ten percent tax credit. The tax credit is limited to one claim per structure and must be applied for through the commissioner.

Hawaii HB1201 establishes tax credits for insurers providing full property coverage to condominium owners and associations.

Hawaii HB1201 creates tax credits for insurers that offer full property coverage to condominium owners and associations. The bill aims to incentivize insurers by providing a tax credit equal to twenty percent of the insurance premium for full coverage, including windstorm, hurricane, hail, flood, fire, and localized perils. Additionally, insurers incorporated in Hawaii can claim an extra ten percent tax credit. The tax credit is limited to one claim per structure and must be applied for through the commissioner.