S.B. 1069 Summary

• Establishes a tax credit for qualified taxpayers who install helicopter noise-canceling technology systems on helicopters owned and operated primarily within Hawaii.

• Allows excess tax credits to carry forward to subsequent taxable years until exhausted, with claims required within 12 months of the taxable year end.

• Creates a tour helicopter surcharge on commercial helicopter businesses based on passenger volume, with specific surcharge amounts to be designated.

• Establishes the helicopter noise-canceling technology system special fund, funded by tour helicopter surcharge revenues and administered by the Department of Taxation.

• Tax credit available for taxable years beginning after December 31, 2019 and ending before January 1, 2022; Act takes effect July 1, 2050.