HI HB2681

Establishes a tax credit for hotel and resort property construction and renovation costs of 7% for costs between $1,000,000 and $10,000,000, and 10% for costs over $10,000,000 up to $100,000,000 in the aggregate.

Applies to qualified hotel facilities including hotels, hotel-condominiums, timeshare facilities, and commercial buildings in designated resort areas located in Hawaii.

Credits are limited to construction or renovation costs incurred before December 31, 2015, and are not available for projects financed with government grants, government loans, or property assessed clean energy financing.

Excess credits beyond annual tax liability may be carried forward to subsequent years until exhausted, with all claims required to be filed within twelve months following the close of the taxable year.

Establishes a total annual cap of $50,000,000 on tax credits granted under this section, effective for taxable years beginning after December 31, 2009, through December 31, 2015.