HI HR96

Urges 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 clear and specific definitions of "archaeological, cultural, and historic structures" that would qualify for the income tax credit.

Directs both 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 studies showing historic rehabilitation tax credits in 31 states have generated economic returns of three to five times the state's foregone tax revenue while creating jobs and enhancing property values.