H.B. 1153 Summary

• Establishes a tax credit allowing taxpayers to deduct qualified expenses (up to $50,000 per year) for upgrading electrical and water systems at Barbers Point in the Kalaeloa opportunity zone.

• Requires taxpayers claiming the credit to submit annual certified statements to the director of business, economic development, and tourism by March 31 identifying qualified expenses and credit amounts.

• Allows unused tax credits to carry forward to subsequent years until exhausted, with a deadline of twelve months after the close of the taxable year to claim credits.

• Exempts from general excise tax businesses that invest more than $500,000 over a ten-year period and create a minimum of 50 job positions for business development at Barbers Point.

• Applies to taxable years beginning after December 31, 2020, to incentivize infrastructure improvements and economic development at the former Naval Air Station property.