HI SB377

Establishes an income tax credit equal to 10% of monthly rent collected per housing unit rented to an eligible tenant, with a maximum credit of $2,000 per taxable year.

Defines "eligible tenant" as a family or individual whose income from all sources is less than 80% of the area median income as determined by the U.S. Department of Housing and Urban Development.

Allows excess credits that exceed a taxpayer's income tax liability to be carried forward to subsequent taxable years until exhausted.

Applies to partnerships, S corporations, estates, and trusts with credit calculations and distributions determined by rule.

Applies to taxable years beginning after December 31, 2017, and requires tax credit claims to be filed within 12 months following the close of the taxable year.