HI HB1167

Amends the capital infrastructure tax credit to set a maximum annual credit of $2,500,000 per qualified infrastructure tenant, with excess credits carried forward to subsequent taxable years.

Requires qualified infrastructure tenants to expend $40,000,000 within a taxable year before becoming eligible for the tax credit.

Restricts credit eligibility to businesses currently at the former Kapalama military reservation site with principal maritime and waterfront-dependent operations slated to relocate to piers 24-28 in Honolulu harbor per the Kapalama container terminal project.

Requires recapture of 100% of all tax credits claimed if the qualified infrastructure tenant fails to continue its line of business within three years, has its ownership interest disposed of, or fails to relocate within a specified timeframe (amount unspecified in bill).

Requires taxpayers claiming the credit to submit claim amounts and tenant information to the legislature, and eliminates credit generation after December 31, 2019.