SB138

Hawaii SB138 introduces a nonrefundable income tax credit for safe room installation expenses.

Hawaii SB138 amends Chapter 235 of the Hawaii Revised Statutes to introduce a nonrefundable safe room installation income tax credit. This credit is deductible from the taxpayer's net income tax liability for the year in which it is claimed. Qualified expenses include costs for the design, materials, installation, and construction of safe rooms on the taxpayer's property. These rooms must be designed to resist wind pressures and windborne debris, and must comply with FEMA standards. The credit is available to individual taxpayers and certain entities, with a maximum limit per year.