HI HB547

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

Credits equal qualified expenses incurred solely to host a foreign exchange individual, with a monthly cap per taxpayer (amount to be determined), requiring a minimum of one month of service.

Excludes costs already claimed as federal deductions under Internal Revenue Code section 170(g), amounts paid for hosting relatives, and expenses for which the host receives compensation or reimbursement.

Allows excess credits exceeding income tax liability to carry forward to subsequent years, with all claims requiring filing within 12 months following the close of the taxable year.

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