HI SB2968

Provides an income tax credit for qualified hotel construction and renovation costs incurred during taxable years beginning after December 31, 2014, through December 31, 2019.

Credit amount is calculated as a percentage of construction or renovation costs for qualified hotel facilities in Hawaii, excluding costs for which another credit was already claimed.

Taxpayers must file annual surveys with the Department of Business, Economic Development, and Tourism by June 30 each year, reporting employment data, costs, and certification of compliance with prevailing wage requirements under chapter 104.

Excess credits over a taxpayer's income tax liability may be carried forward to subsequent years until exhausted, with claims required to be filed within 12 months of the tax year end.

Taxpayers must comply with all applicable federal, state, and county statutes and obtain certification from the Department of Labor and Industrial Relations confirming compliance with prevailing wage laws.