HI HB1653

Establishes a tax credit for qualified hotel facility construction and renovation costs incurred between January 1, 2011, and December 31, 2015.

Credits are set at 7% for construction costs between $1,000,000 and $10,000,000, and 10% for costs exceeding $10,000,000, with an aggregate annual cap of $50,000,000.

Applies to hotels, hotel-condominiums, timeshare facilities, and commercial buildings in qualified resort areas designated by county authority.

Excess credits may be carried forward to subsequent years until exhausted; credits cannot be claimed for costs financed by government grants, government loans, or property assessed clean energy financing.

Effective July 1, 2011, for taxable years beginning after December 31, 2010; tax credit availability expires after December 31, 2015.