HI HB525

Adds a new income tax credit for taxpayers who hire elderly individuals (age 60 or older) in Hawaii.

Credit equals 50 percent of qualified wages paid during the first six months after an elderly individual is initially hired.

Annual credit is capped at a specified amount per taxpayer, with unused credits carrying forward to subsequent years.

Excludes wages paid to relatives, dependents, estate/trust beneficiaries, and individuals previously employed by the taxpayer from credit eligibility.

Applies to taxable years beginning after December 31, 2018; claims must be filed within 12 months following the taxable year.