HI HB1594

Establishes an income tax credit for construction or renovation costs incurred on qualified hotel facilities in Hawaii for taxable years beginning January 1, 2015, through December 31, 2019.

Allows a tax credit calculated as a percentage of construction or renovation costs, with excess credits carried forward to subsequent years until exhausted.

Requires taxpayers to obtain pre-certification from the Department of Business, Economic Development, and Tourism before incurring construction costs to be eligible for the credit.

Defines qualified hotel facilities to include hotels, hotel-condominiums, time share facilities, and commercial buildings within designated resort areas.

Requires taxpayers to comply with all applicable federal, state, and county laws, including the Davis-Bacon Act and Hawaii wage laws, to qualify for the credit.