HI SB2131

Establishes an income tax credit for owner-occupants who install automatic fire sprinkler systems in new one- or two-family residential dwellings.

Tax credit equals a percentage of actual costs including installation, materials, water and permitting fees, and related charges, up to a maximum amount (specific percentages and limits not filled in the bill text).

Only one credit allowed per dwelling unit and per tax map key number; cannot be claimed if the State or county requires the sprinkler system installation.

Excess credits that exceed tax liability may be carried forward to subsequent years; all claims must be filed within twelve months following the close of the taxable year or the credit is forfeited.

Effective July 1, 2050; applies to taxable years beginning after December 31, 2020; sunsets June 30, 2030.