HI HB1548

Establishes a new residential property owner tax credit for qualified resident individuals who pay real property taxes to a Hawaii county for their residence.

Defines qualified taxpayers as residents who have lived in Hawaii for at least nine months, pay real property taxes on their residence, and cannot be claimed as dependents by other taxpayers.

Allows the tax credit to be deducted from net income tax liability, with excess credits refunded to taxpayers; credits of less than $1 are not refunded.

Directs the director of taxation to prepare necessary forms, require reasonable information to validate claims, and adopt rules to implement the credit.

Redirects an unspecified percentage of transient accommodations tax revenues allocated to counties beginning fiscal year 2018-2019 to a special account to fund the residential property owner tax credit.