HI HB1966

Exempts from general excise tax (Chapter 237) businesses investing over $500,000 over a ten-year period and creating a minimum of 50 job positions for business development at Barbers Point in the Kalaeloa opportunity zone.

Establishes a new income tax credit (Section 235) for qualified taxpayers upgrading electrical and/or water systems at Barbers Point, with a maximum credit of $50,000 per taxable year.

Requires the Department of Business and Economic Development, in cooperation with the Department of Taxation, to adopt rules establishing criteria for qualified expenses and businesses eligible for the tax credit.

Directs the Department of Business and Economic Development to maintain records of qualified taxpayers claiming credits and the total amount of qualified expenses claimed.

Effective for taxable years beginning after December 31, 2020.