Hawaii HB1265 establishes a tax credit for businesses using recycled or waste inputs in their operations.

Hawaii HB1265 introduces a tax credit for businesses that use recycled or waste inputs in their operations. The credit is 10% of the cost of these inputs, up to $500,000 per year, or 15% up to $750,000 for businesses in rural areas. To qualify, the recycled materials must be diverted from the waste stream, used as raw materials, and sourced from certified facilities. The credit can be applied against the taxpayer's income tax liability, with any excess credit carried over to subsequent years. The bill also mandates documentation and certification for tax credit claims.

Hawaii HB1265 establishes a tax credit for businesses using recycled or waste inputs in their operations.

Hawaii HB1265 introduces a tax credit for businesses that use recycled or waste inputs in their operations. The credit is 10% of the cost of these inputs, up to $500,000 per year, or 15% up to $750,000 for businesses in rural areas. To qualify, the recycled materials must be diverted from the waste stream, used as raw materials, and sourced from certified facilities. The credit can be applied against the taxpayer's income tax liability, with any excess credit carried over to subsequent years. The bill also mandates documentation and certification for tax credit claims.