summary
Introduced
01/23/2026
01/23/2026
In Committee
02/20/2026
02/20/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
Establishes a nonrefundable individual income tax credit for a certain percentage of expenses paid to retrofit a residence with wind resistive devices or to purchase, install, or construct, a hurricane shelter on the taxpayer's property. Reduces the general excise tax rate on the gross proceeds or income from the sale of a concrete high-rise certified hurricane-resistant residential project or certain hurricane-resistant components of the project. Applies to taxable years beginning after 12/31/2026. Sunsets 12/31/2030. Effective 7/1/2050. (SD1)
AI Summary
This bill establishes tax incentives to encourage homeowners and developers to build or retrofit properties to withstand hurricanes, recognizing the increasing threat from climate change. For individuals, it creates a one-time, nonrefundable income tax credit for up to 50% of the costs associated with retrofitting existing homes with wind-resistant features like windows and doors, or for building a certified hurricane shelter on their property. This credit can be carried forward to future years if it exceeds the tax liability. Additionally, the bill reduces the general excise tax rate by half on the sale of new residential projects built with concrete and certified as hurricane-resistant, with a specific focus on the incremental cost of wind-resistant components in high-rise buildings. These provisions are set to apply to taxable years beginning after December 31, 2026, and will be repealed on December 31, 2030, with the overall law taking effect on July 1, 2050.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. (on 02/20/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2884&year=2026 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2026/bills/SB2884_SD1_.HTM |
| Committee Report SB2884_SD1_SSCR2652_ | https://www.capitol.hawaii.gov/sessions/session2026/CommReports/SB2884_SD1_SSCR2652_.pdf |
| SB2884_TESTIMONY_CPN_02-18-26_ | https://www.capitol.hawaii.gov/sessions/session2026/Testimony/SB2884_TESTIMONY_CPN_02-18-26_.PDF |
| BillText | https://www.capitol.hawaii.gov/sessions/session2026/bills/SB2884_.HTM |
Loading...