HB1341

Hawaii HB1341 establishes tax credits for insurers providing full property coverage to condominium owners and associations.

Hawaii HB1341 aims to address the issue of high insurance premiums for condominiums by establishing tax credits for insurers. The bill provides a 20% tax credit for insurers offering full property coverage to condominium owners and associations, and an additional 10% credit for local insurers. This initiative seeks to incentivize insurers to provide full coverage, thereby improving access to federally insured lending programs and facilitating homeownership in Hawaii. The tax credits are subject to certain conditions, including a cap of $5,000,000 per tax year.