Bill > SB138

This bill establishes a new nonrefundable income tax credit for Hawaii taxpayers who invest in hurricane-resistant safe rooms for their residences. The tax credit will cover qualified expenses related to the design, materials, installation, and construction of safe rooms, which are defined as windowless rooms within a residence or accessory building that are designed to withstand high winds and windborne debris. The credit will be calculated as a percentage of the qualified expenses, with a maximum dollar limit, and the total amount of credits issued statewide will also be capped in any given tax year. To qualify, safe rooms must meet specific federal emergency management standards, cannot be located in flood-prone areas, and must be easily accessible to residents. Taxpayers will need to provide certification from a licensed architect or structural engineer to verify the safe room meets the required specifications. The tax credit can be carried forward to subsequent years if it exceeds the taxpayer's current tax liability, and no other tax credits or deductions can be claimed for the same expenses. The bill is set to take effect on July 1, 2077, providing a long-term incentive for homeowners to invest in hurricane safety infrastructure.

Budget and Finance, Government Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=138&year=2025