SB1462

Historic preservation income tax credit for substantial rehabilitation of certified historic structures in Hawaii.

This bill establishes a historic preservation income tax credit for taxpayers who substantially rehabilitate certified historic structures in Hawaii. The credit is equal to 30% of the qualified rehabilitation expenditures. To claim the credit, taxpayers must submit a certified statement to the state historic preservation division. The credit can be used to offset income tax liability or carried forward for up to ten years. The bill also includes provisions for recapture of the credit if certain conditions are not met.