HI HB1586

Establishes an ohana housing tax credit for resident individual taxpayers who are not claimed as dependents by another taxpayer.

Allows taxpayers to claim a credit for a percentage of total construction costs for residential additions or expansions housing individuals from emergency/transitional shelters or on waiting lists for shelters or public housing.

Requires taxpayers to obtain building permits according to county regulations and ensure construction complies with applicable county building codes.

Permits excess credits over tax liability to be refunded to the taxpayer (with minimum refund of $1), with claims required within 12 months following the close of the taxable year.

Effective July 1, 2011, with applicability to taxable years beginning after December 31, 2011.