HB 682 Summary

• Establishes a ridesharing income tax credit for qualified commuters in Hawaii at $19 per day of ridesharing, with a maximum credit of $5,000 per qualified commuter per taxable year.

• Defines "commuter" as a Hawaii taxpayer who travels more than two miles to work and "ridesharing" as two or more people traveling together in one car for more than two miles to paid employment or school.

• Allows unused tax credits to carry forward to the following taxable year and up to two additional succeeding years if the credit exceeds the taxpayer's net income tax liability.

• Requires the Director of Taxation to prepare forms for claiming the credit and authorizes the director to request reasonable information to validate claims and adopt implementing rules under chapter 91.

• Requires the Department of Taxation to submit an annual report to the legislature 20 days before each regular session detailing the amount of credits used by qualified commuters.

• Effective for taxable years beginning after December 31, 2023.