HB355

Establishes a nonrefundable income tax credit for homeowners in Hawaii to cover wind resistance retrofit costs.

This bill creates a one-time nonrefundable income tax credit for qualified homeowners in Hawaii to cover the costs of installing approved wind resistive devices to prepare their homes for hurricanes. The credit amount is either $40,000 or the actual costs, whichever is less. Homeowners must pre-certify eligible costs with the insurance division before work begins. The insurance division caps the number of credits at 2,000 in the first year and 4,000 in the second year. If the credit exceeds the taxpayer's net income tax liability, the excess can be used in subsequent years until exhausted.