Bill > HB1728

This bill establishes tax credits for insurers providing full property coverage to owners and associations of condominiums in Hawaii. The credit is equal to 20% of the insurance premium, with an additional 10% credit for insurers incorporated in the state. The bill aims to incentivize insurers to provide comprehensive coverage, including protection against windstorm, hurricane, hail, flood, fire, and other local perils, to address the challenges faced by aging condominium buildings that often struggle to obtain affordable insurance. The tax credits are available to licensed insurers doing business in Hawaii and are limited to a maximum of $50,000 per year. The bill also outlines the application process for insurers to obtain tax credit certificates from the insurance division of the Department of Commerce and Consumer Affairs.