HI SB2513

Establishes an income tax credit for taxpayers who purchase bus passes or passes for public transportation programs operated or contracted by the State or a county.

Tax credit amount equals the taxpayer's spending on public transportation passes during the taxable year, subject to maximum limits (specific dollar amounts not filled in the bill).

Credit applies to individual taxpayers purchasing passes for personal use and to employers purchasing passes for their employees, with separate maximum caps for each category.

Unused tax credits exceeding a taxpayer's income tax liability may be carried forward to subsequent years until exhausted.

Credit claims must be filed within twelve months following the close of the taxable year; failure to meet this deadline constitutes a waiver of the right to claim the credit. Effective for taxable years beginning after December 31, 2014.