HI HB534

Establishes a ship repair industry tax credit for not-for-profit entities involved in designing and constructing a purpose-built floating drydock at Pearl Harbor for use by the United States Navy

Allows qualified entities to claim a tax credit equal to 50 percent of total costs paid or incurred to construct and place the floating drydock into service, with a maximum annual credit amount (specific amount not filled in the draft)

Permits qualified entities to form special purpose entities to raise investor capital and claim credits on behalf of the qualified entity, with combined credits not exceeding the maximum amount

Allows excess tax credits to be carried forward to subsequent years until exhausted and requires taxpayers to file claims within 12 months following the close of the taxable year or forfeit the credit

Repeals the previous capital infrastructure tax credit and applies to taxable years beginning after December 31, 2018