Hawaii SB1462 establishes a state historic preservation income tax credit for substantial rehabilitation of certified historic structures.

Hawaii SB1462 creates a historic preservation income tax credit for taxpayers who substantially rehabilitate certified historic structures. The credit is equal to 30% of the qualified rehabilitation expenditures, up to a maximum of $1,000,000 per taxable year from 2025 to 2030. Certified historic structures include those listed in the Hawaii or national registers of historic places or located in listed historic districts. The credit can be used against income tax liability and carried over for up to ten years.

Hawaii SB1462 establishes a state historic preservation income tax credit for substantial rehabilitation of certified historic structures.

Hawaii SB1462 creates a historic preservation income tax credit for taxpayers who substantially rehabilitate certified historic structures. The credit is equal to 30% of the qualified rehabilitation expenditures, up to a maximum of $1,000,000 per taxable year from 2025 to 2030. Certified historic structures include those listed in the Hawaii or national registers of historic places or located in listed historic districts. The credit can be used against income tax liability and carried over for up to ten years.