S.B. 709 Summary

• Establishes a one-time nonrefundable individual income tax credit for expenses incurred to install wind resistive devices on a taxpayer's primary residence to prepare for hurricanes and strong winds.

• Credit amount is limited to a specified dollar amount (amount not filled in bill) or actual retrofit costs, whichever is less, with a minimum payment threshold of $1.

• Requires pre-certification by the Insurance Division of the Department of Commerce and Consumer Affairs before retrofit work begins, with an annual cap on the number of certifications (number not specified in bill).

• Allows unused tax credits to carry forward to subsequent taxable years until exhausted; prohibits claiming other credits for the same expenses.

• Appropriates funds to the Insurance Division for program establishment, implementation, and administration; effective July 1, 2050, for taxable years beginning after December 31, 2023, and repeals January 1, 2029.