HI HB371

Establishes a tax credit for qualified hotel facility construction and renovation costs incurred between January 1, 2011 and December 31, 2016.

Credits are seven percent on costs between $1,000,000 and $10,000,000, and ten percent on costs over $10,000,000 up to $100,000,000 in aggregate.

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

Excess credits over annual tax liability may be carried forward to subsequent years until exhausted, with claims due within twelve months of tax year close.

Establishes $50,000,000 annual cap on total tax credits granted and excludes projects financed with government grants, government-issued loans, or property assessed clean energy financing.