HI SB1272

Creates a temporary income tax credit for individual and corporate taxpayers who convert cesspools to septic systems, aerobic treatment unit systems, or connect to sewer systems.

Credit amount equals a specified percentage of qualified expenses or a maximum dollar amount (amounts left blank in draft), whichever is less.

Requires taxpayers to obtain verification and approval from the county agency responsible for issuing installation permits before claiming the credit.

Allows excess credits over tax liability to be refunded to taxpayers, with claims to be filed within twelve months of the end of the taxable year.

Credit applies to taxable years beginning after December 31, 2015, and is repealed on a date to be specified (left blank in draft).