HI HB1597

Establishes a tax credit for historic businesses equal to up to 4% of gross receipts or $10,000, whichever is less, deductible from net income tax liability.

Eligible entities include domestic corporations, professional corporations, limited liability companies, nonprofit corporations, business trusts, estates, partnerships, and Hawaii-domiciled trusts that are subject to general excise tax under Chapter 237.

Requires applicants to meet compliance standards including current compliance with Department of Commerce and Consumer Affairs regulations, no outstanding tax liability, and at least 50% of operating costs from Hawaii sources.

Defines "historic business" as any business entity operating in Hawaii for at least 25 years with significance to the state's history.

Tax credit is temporary, applicable only to taxable years beginning after December 31, 2011 through December 31, 2016, with unused credits carrying forward to subsequent years until exhausted.