Hawaii HB1251 introduces a refundable tax credit for real property insurance premiums on qualified properties.

Hawaii HB1251 creates a refundable tax credit for qualified taxpayers to offset the cost of real property insurance premiums on qualified properties. The credit is deductible from the net income tax liability imposed by the chapter for the taxpayer liable for the premium. The credit amount equals a percentage of the yearly real property insurance premium for a qualified property. The Director of Taxation prepares necessary forms, may require information to verify claims, and can adopt rules for the credit. The act applies to taxable years beginning after December 31, 2024.

Hawaii HB1251 introduces a refundable tax credit for real property insurance premiums on qualified properties.

Hawaii HB1251 creates a refundable tax credit for qualified taxpayers to offset the cost of real property insurance premiums on qualified properties. The credit is deductible from the net income tax liability imposed by the chapter for the taxpayer liable for the premium. The credit amount equals a percentage of the yearly real property insurance premium for a qualified property. The Director of Taxation prepares necessary forms, may require information to verify claims, and can adopt rules for the credit. The act applies to taxable years beginning after December 31, 2024.