HB285

Hawaii HB285 establishes tax credits for insurers providing full property coverage to condominiums.

Hawaii HB285 aims to incentivize insurers to provide full property coverage for condominiums by offering tax credits. Insurers can claim a tax credit equal to twenty percent of the insurance premium for policies covering one hundred percent of the insurable value, including windstorm, hurricane, hail, flood, fire, and localized perils. The tax credit is available only once per structure, regardless of the number of policies. The aggregate amount of all tax credits in any tax year cannot exceed $50,000. The commissioner will review applications and issue tax credit certificates to insurers.