H.B. 1214 Summary

• Creates a landlord resident tenant tax credit equal to $1,000 per dwelling unit leased to a qualified tenant under Chapter 235 of Hawaii Revised Statutes

• Defines "qualified tenant" as a tenant verified as a resident of the State and "qualified taxpayer" as a landlord leasing a dwelling unit to such a tenant

• Allows the tax credit to be deducted from the taxpayer's net income tax liability, with any excess credit carried forward to subsequent years until exhausted

• Requires all tax credit claims to be filed within 12 months following the close of the taxable year, with failure to comply constituting a waiver of the right to claim the credit

• Applies to taxable years beginning after December 31, 2024