HI HB18

Establishes a non-refundable long-term care tax credit for individual and corporate taxpayers filing Hawaii income tax returns.

Individual taxpayers with adjusted gross income below specified thresholds (varying by filing status) are eligible; corporate taxpayers must be employers offering long-term care insurance as an employee benefit.

Tax credit amount equals the lesser of a fixed dollar amount (to be determined), a percentage of long-term care insurance premiums paid, or a corporate-specific limit.

Covers long-term care insurance premiums for the taxpayer, their spouse, dependents, children, stepchildren, or parents as defined under Internal Revenue Code section 152.

Applies to taxable years beginning after July 1, 2050; all claims must be filed within twelve months following the close of the taxable year or the right to claim is waived.