HI HB2439

Creates a 10% refundable income tax credit for construction or renovation costs incurred on qualified hotel facilities in Hawaii.

Credit applies to costs for plans, design, construction, equipment, alterations, and modifications to hotels, time share facilities, or commercial buildings within designated qualified resort areas.

Credit is available for taxable years beginning after December 31, 2009, but only for construction costs incurred before December 31, 2015.

Taxpayers claiming this credit cannot claim credits under chapter 235D, and must comply with all applicable federal, state, and county statutes including the Davis-Bacon Act.

Excess credit over tax liability is refundable to the taxpayer, with claims required to be filed within 12 months following the close of the taxable year.