Bill > HB355

This bill establishes a nonrefundable income tax credit to help Hawaii homeowners retrofit their homes with wind-resistant devices in response to increasing hurricane risks caused by climate change. The credit allows qualifying taxpayers to receive up to $40,000 or the actual cost of wind resistance retrofit work, whichever is less, to help prepare residential properties to withstand potential Category 5 hurricanes. To be eligible, taxpayers must apply to the insurance division of the department of commerce and consumer affairs for pre-certification before beginning work, with the number of credits limited to 2,000 in the first year and 4,000 in the second year. The credit can only be claimed once per taxpayer, cannot be used in conjunction with other credits for the same expenses, and any excess credit can be carried forward to subsequent tax years. The bill is motivated by legislative findings that climate change is increasing hurricane frequency and intensity in the northern Pacific, with models predicting more frequent extreme storms near Hawaii, and aims to help residents protect their homes against potential catastrophic hurricane damage. The tax credit will apply to taxable years beginning after December 31, 2024.

Military Affairs and Security

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=355&year=2025