HI HB657

Establishes a nonrefundable income tax credit equal to 25% of the actual cost of a new residential backup generator for individual taxpayers in Hawaii.

Credit can only be claimed once per taxpayer and excludes installation costs, prefatory work, and any costs claimed under other tax credits.

Maximum allowable tax credit amount is left blank in the bill text and requires legislative specification.

Unused credits exceeding a taxpayer's income tax liability may be carried forward to subsequent years until exhausted, with claims required to be filed within 12 months following the close of the taxable year.

Applies to taxable years beginning after December 31, 2015, with the Department of Taxation authorized to issue forms and rules for implementation.