Bill > HB1251

This bill establishes a new refundable income tax credit for owner-occupants of condominiums to help offset the cost of real property insurance premiums. The credit would allow qualified taxpayers to deduct a percentage of their yearly real property insurance premium from their income tax liability, with any excess credit being refunded to the taxpayer. To be eligible, a taxpayer must be an owner-occupant, which means they must hold legal title to a condominium unit and use it as their primary residence for at least 365 consecutive days. The bill requires the director of taxation to create forms for claiming the credit, potentially request additional documentation from taxpayers, and adopt rules to implement the program. Notably, refunds or payments will only be made for amounts of $1 or more, and taxpayers must file claims within twelve months after the end of the tax year. The bill is set to apply to taxable years beginning after December 31, 2024, providing a future implementation timeline for this new tax credit aimed at supporting condominium owners with their insurance costs.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1251&year=2025