HI HB1653

Establishes a hotel and resort property construction and renovation tax credit allowing taxpayers to deduct 7% of construction or renovation costs between $1,000,000 and $10,000,000, and 10% of costs over $10,000,000 from net income tax liability.

Credit applies to qualified hotel facilities (hotels, condominiums, timeshare projects, or commercial buildings in designated resort areas) with construction or renovation costs incurred between January 1, 2011 and December 31, 2015.

Allows excess credits to carry forward to subsequent taxable years until exhausted; requires claims to be filed within 12 months following the close of the taxable year.

Imposes a total annual cap of $50,000,000 on all tax credits granted under this section and excludes projects financed with government grants, government loans, or property assessed clean energy financing.

Credit applies to taxable years beginning after December 31, 2010 but before January 1, 2016; takes effect July 1, 2011.