Bill > HB355

This bill establishes a one-time nonrefundable tax credit for Hawaii homeowners to help them retrofit their primary residences with wind-resistant devices to better withstand hurricanes. The credit is available to individual taxpayers who are not claimed as dependents and will cover up to $40,000 or the actual cost of the retrofit project, whichever is less. To qualify, homeowners must apply to the insurance division of the department of commerce and consumer affairs to pre-certify their retrofit costs before beginning work, with the number of credits limited to 2,000 in the first year and 4,000 in the second year. The specific wind resistance standards will be determined by the insurance commissioner. Taxpayers can use the credit against their income tax liability, and any excess credit can be applied to subsequent years' taxes. The bill is motivated by increasing hurricane risks due to climate change, which has shifted hurricane paths closer to Hawaii and is expected to increase the frequency and intensity of storms. By providing this financial incentive, the legislature aims to help homeowners better protect their properties from potential hurricane damage.

Military Affairs and Security

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=355&year=2026