HI SB2059

Establishes an income tax credit for taxpayers who incur qualified compliance costs to fill and seal abandoned wells, with credit amount and maximum limits to be determined by the legislature (percentages and dollar amounts left blank in bill text).

Allows taxpayers to carry forward unused credits to subsequent years if the credit exceeds their income tax liability, with claims required to be filed within twelve months following the close of the taxable year or waived.

Designates the Commission on Water Resource Management to maintain records, verify, and certify qualified compliance costs for taxpayers claiming the credit, with the Director of Taxation retaining audit authority.

Requires real property sellers to disclose the existence of any well on the property as a material fact, and makes sellers liable to buyers for abandonment and sealing costs if they fail to disclose a well that the buyer is subsequently required to abandon.

Modifies the definition of "abandoned well" to include wells where use has been permanently discontinued due to improper maintenance, groundwater waste or quality impairment, disrepair making continued use impractical, or hazards to public health and safety.