Bill > HB1456

This bill establishes a new tax credit for individual and corporate taxpayers who install and place in service projects that support environmental sustainability in Hawaii. The tax credit can be claimed for projects that comply with state environmental and building regulations and provide quantifiable environmental benefits, including systems supporting agriculture, agroforestry, aquaculture, circular manufacturing, or renewable energy. Taxpayers must provide evidence of project costs, plans, and technical requirements to the director of taxation, who will prepare the necessary forms. The credit can be used against state income tax liability and can be carried forward to subsequent years if it exceeds the current year's tax liability. The bill sets limits on the total tax credits that can be claimed per project and per year, and specifically excludes projects that have already received credits under another existing tax credit provision. The tax credit will apply to taxable years beginning after December 31, 2024, giving businesses and individuals time to prepare and plan for potential sustainable projects that could qualify for the tax incentive.

Agriculture and Natural Resources

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1456&year=2025