HB1456 introduces a tax credit for Hawaii taxpayers who invest in environmental sustainability projects.

HB1456 amends Hawaii Revised Statutes to create a tax credit for individual and corporate taxpayers who invest in projects supporting environmental sustainability. These projects include agriculture, agroforestry, aquaculture, circular manufacturing, and renewable energy. To qualify, taxpayers must comply with state regulations and provide evidence of environmental benefits. The credit can be claimed for each qualified project and can be carried over to subsequent years if it exceeds the taxpayer's current liability. The bill applies to taxable years beginning after December 31, 2024.

HB1456 introduces a tax credit for Hawaii taxpayers who invest in environmental sustainability projects.

HB1456 amends Hawaii Revised Statutes to create a tax credit for individual and corporate taxpayers who invest in projects supporting environmental sustainability. These projects include agriculture, agroforestry, aquaculture, circular manufacturing, and renewable energy. To qualify, taxpayers must comply with state regulations and provide evidence of environmental benefits. The credit can be claimed for each qualified project and can be carried over to subsequent years if it exceeds the taxpayer's current liability. The bill applies to taxable years beginning after December 31, 2024.