HI HB1548

Creates a new residential property owner tax credit for resident individuals who pay real property taxes to a county, are not claimed as dependents, and have been Hawaii residents for at least nine months.

The tax credit amount is deductible from net income tax liability and is refundable if it exceeds taxes owed; credits under $1 are not refunded.

Qualified taxpayers must claim the credit within twelve months following the close of the taxable year or forfeit the right to claim it.

Redirects an unspecified percentage of transient accommodations tax revenues (county allocation) beginning in fiscal year 2018-2019 to a special account in the general fund to pay for the residential property owner tax credits.

Applies to taxable years beginning after December 31, 2017.