Bill > SB138

This bill establishes a nonrefundable income tax credit for taxpayers who invest in hurricane-resistant safe rooms in their residences. The tax credit will cover qualified expenses related to the design, materials, installation, and construction of safe rooms, with specific requirements for what constitutes a qualifying safe room. These rooms must be windowless, located in a non-flood zone, easily accessible to residents, and constructed according to specific Federal Emergency Management Agency (FEMA) standards for tornado and hurricane protection. The credit will be calculated as a percentage of qualified expenses, with a maximum dollar amount limit, and the total credits available statewide will also be capped in any given tax year. If a taxpayer's credit exceeds their tax liability in a given year, they can carry the excess forward to future years. To claim the credit, taxpayers must provide certification from a licensed architect or structural engineer verifying the safe room meets the specified standards, and they cannot claim any other tax credits or deductions for the same expenses. The bill is set to take effect on July 1, 2077, and aims to incentivize homeowners to invest in hurricane-resistant infrastructure.

Budget and Finance, Government Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=138&year=2026