HI HB351

Establishes a nonrefundable income tax credit for condominium unit owners whose association increases maintenance fees or imposes special assessments to comply with county ordinances requiring automatic fire sprinkler systems or alternative fire prevention and fire safety systems.

Credit amount equals the maintenance fee increase, special assessment imposed, or amount actually paid by the taxpayer, with a per-unit cap and annual aggregate limit (specific dollar amounts not specified in text).

Qualified taxpayers must have gross income not exceeding $100,000 (individual), $150,000 (married filing separately), or $200,000 (married filing jointly).

Credit is claimed against net income tax liability in the year the assessment or fee increase was imposed and paid, with any excess carryable to subsequent years until exhausted; claims must be filed within 12 months of the taxable year end.

Applies to taxable years beginning after December 31, 2023.