HI HB684

Establishes a new income tax credit under Chapter 235, Hawaii Revised Statutes for taxpayers who convert gasoline-powered buses to hydrogen-powered buses or purchase new hydrogen-powered buses.

Credit amount equals a percentage of qualified expenses (specific percentage not specified in draft) with a maximum credit amount (amount not specified in draft).

Allows excess credits that exceed a taxpayer's income tax liability to carry forward and be applied against future year tax liabilities until exhausted.

Requires all credit claims to be filed within 12 months following the close of the taxable year, with failure to comply constituting a waiver of the right to claim the credit.

Takes effect July 1, 2050 and applies to taxable years beginning after December 31, 2020.