HI HB2325

Establishes a tax credit under Chapter 235 for taxpayers incurring qualified expenses for upgrading electrical and water systems in the Pearl-City/Aiea and Waipahu opportunity zones, with a maximum credit of $150,000 per taxpayer.

Requires taxpayers claiming the credit to submit a certified statement to the Director of Business, Economic Development, and Tourism by March 31 each year identifying qualified expenses and credit amounts.

Allows excess tax credits that exceed a taxpayer's income tax liability to be carried forward to subsequent years until exhausted, with claims subject to a 12-month filing deadline.

Exempts businesses investing more than $750,000 over a 10-year period and creating at least 50 job positions in the Pearl-City/Aiea and Waipahu opportunity zones from the general excise tax under Chapter 237.

Effective upon approval, with tax credit provisions applying to taxable years beginning after December 31, 2022.