Bill > HB1251

This bill establishes a refundable income tax credit to help offset real property insurance premiums for certain property owners, specifically condominium owner-occupants. The tax 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, an individual must be an "owner-occupant," which means they hold legal title to a property that serves as their principal residence for at least 365 consecutive days and maintain complete possessory control of the property. The bill defines a "qualified property" as a condominium unit owned and occupied by the taxpayer. The director of taxation is authorized to create necessary forms, request supporting documentation, and adopt rules to implement the tax credit. The bill specifies that claims must be filed within twelve months after the end of the taxable year, and no refunds will be issued for amounts less than $1. If approved, this tax credit would apply to taxable years beginning after December 31, 2024, providing potential financial relief to condominium owner-occupants facing increasing insurance premiums.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1251&year=2026