HI SB2712

Creates a 10% tax credit on construction and renovation costs for qualified hotel and resort properties, deductible from net income, general excise, and transient accommodations tax liability.

Eligible costs must be between $10,000,000 and $100,000,000 per qualified hotel facility and incurred between January 1, 2010 and December 31, 2012.

Includes hotels, hotel-condos, timeshare facilities, and commercial buildings within designated qualified resort areas as eligible properties.

Establishes an annual cap of $50,000,000 on total tax credits granted and allows unused credits to carry forward to subsequent years until exhausted.

Expires January 1, 2013, and does not apply to costs financed with government grants, government-issued loans, or property assessed clean energy financing.