HI HB547

Establishes an income tax credit for Hawaii taxpayers who serve as host families for foreign exchange students, fellows, and interns holding valid F-1, J-1, or M-1 visas.

Credit amount equals qualified expenses incurred by the host family, with a maximum of an unspecified amount per month per taxpayer, provided hosting lasted at least one month.

Qualified expenses must result solely and directly from hosting and exclude costs covered by federal tax deductions under Internal Revenue Code section 170(g), any compensation received, or amounts paid for relatives of the taxpayer.

Excess credits exceeding annual tax liability may be carried forward to subsequent years until exhausted, with claims required to be filed within twelve months following the taxable year.

Effective July 1, 2051, and applies to taxable years beginning after December 31, 2051.