HI SB472

Establishes a tax credit of up to 30% of the actual cost of installing an automatic fire sprinkler system in new one- or two-family residential dwellings, including installation, water meter, and permitting fees.

Limits the tax credit to a maximum of $10,000 per dwelling and restricts eligibility to owner/occupants who install the system themselves, with only one credit allowed per tax map key number.

Allows excess tax credits to carry forward to subsequent taxable years if they exceed the taxpayer's current income tax liability.

Prohibits the tax credit from being claimed if the State or a county requires the automatic fire sprinkler system to be installed.

Takes effect July 1, 2050, applies to taxable years beginning after December 31, 2016, and sunsets on June 30, 2027.