HI HB1153

Authorizes a general excise tax (GET) exemption for businesses investing more than $500,000 over a 10-year period and creating at least 50 job positions at Barbers Point in the Kalaeloa opportunity zone.

Establishes a new tax credit under Chapter 235 allowing taxpayers to claim up to $50,000 per year for qualified expenses incurred on electrical and water system upgrades at Barbers Point.

Requires taxpayers claiming the tax credit to submit certified statements to the Department of Business, Economic Development, and Tourism by March 31 each year identifying qualified expenses and credit amounts claimed.

Permits excess tax credits that exceed a taxpayer's income tax liability to be carried forward and applied against future years' tax liabilities until exhausted.

Makes provisions effective upon approval, with the tax credit provisions applying to taxable years beginning after December 31, 2020.