H.C.R. No. 132 Summary

• Requests the Department of Land and Natural Resources and Department of Taxation to draft proposed legislation establishing an income tax credit for rehabilitation or preservation of archaeological, cultural, or historic structures in Hawaii.

• Requires the proposed legislation to include a clear and specific definition of "archaeological, cultural, and historic structures" that qualify for the tax credit.

• Directs the two departments to submit the proposed legislation to the Legislature no later than twenty days prior to the convening of the Regular Session of 2015.

• Cites national examples where 31 states have adopted similar tax credit programs that generated fiscal returns of three to five times the foregone tax revenue while creating jobs and spurring economic development.

• Notes that historic rehabilitation tax credits can be combined with the 20 percent federal historic tax credit available for income-producing properties such as commercial, office, industrial, and resort properties.