HI SB2322

Establishes a capital infrastructure tax credit for maritime and waterfront-dependent businesses displaced by the Kapalama container terminal project in Honolulu harbor.

Allows qualified infrastructure tenants to claim a tax credit equal to an unspecified percentage of capital infrastructure costs incurred during relocation, with a maximum annual limit to be determined.

Permits excess tax credits to carry forward to subsequent taxable years until exhausted, with claims required to be filed within 12 months of the close of the taxable year.

Recaptures an unspecified percentage of the credit claimed over the preceding five years if the tenant no longer qualifies, sells their interest, or withdraws their investment.

Applies to taxable years beginning after December 31, 2013 but expires for taxable years beginning after December 31, 2019, with an effective date of July 1, 2050.