HI HB2559

Provides a tax credit equal to 10 percent of construction and renovation costs for qualified hotel and resort properties in Hawaii, applicable to costs incurred between January 1, 2010 and December 31, 2012.

Requires minimum aggregate construction costs of $10,000,000 and maximum of $100,000,000 per qualified hotel facility to be eligible for the credit.

Allows the credit to be claimed against net income tax, general excise tax, and transient accommodations tax liability, with excess credits carried forward to subsequent years until exhausted.

Establishes an annual cap of $50,000,000 on total tax credits granted under this section and excludes projects financed with government grants, government-issued loans, or property assessed clean energy financing.

Defines eligible properties as hotels, hotel-condos, timeshare facilities, and commercial buildings within designated resort areas; sunsets the credit on January 1, 2013.