HI HB29

Establishes a 75% income tax credit for taxpayers who incur qualified expenses to remove albizia trees from real property they own.

Credit amount cannot exceed expenditures deemed reasonably necessary by a certified arborist (defined as someone with International Society of Arboriculture Certified Arborist credentials).

Excess 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 of the close of the taxable year.

Director of taxation may require taxpayers to furnish documentation including affidavits from certified arborists to validate credit claims and may adopt rules to implement the credit program.

Applies to taxable years beginning after December 31, 2016.