HI HB572

Establishes an income tax credit for qualified hotel construction and renovation costs incurred during taxable years beginning after December 31, 2015, through December 31, 2020.

Credit amount equals a percentage of construction or renovation costs (percentage amount left blank in bill text) for each qualified hotel facility located in Hawaii, and cannot be claimed for costs already credited under another provision.

Qualified hotel facilities include structures providing transient lodging for periods under 30 days with customary hotel services, including time share projects, but excludes standard condominium units.

Taxpayers must comply with all federal, state, and county laws, including Hawaii's prevailing wage requirements under chapter 104, with certification required from the Department of Labor and Industrial Relations.

Requires annual surveys filed with the Department of Business, Economic Development, and Tourism by June 30 each year, reporting employment data, construction costs, and cumulative tax credits claimed, with failure to file constituting waiver of the credit.