HI HB1251

Establishes a refundable income tax credit for qualified taxpayers to offset real property insurance premiums on qualified condominium properties.

Tax credit amount equals a percentage of the taxpayer's yearly real property insurance premium (specific percentage to be determined).

Defines "qualified property" as a condominium unit where the taxpayer is an owner-occupant who maintains principal residence for at least 365 consecutive days with complete possessory control.

Makes the credit refundable, meaning taxpayers with no income tax liability or excess credits receive payment, with minimum refund threshold of $1, and requires claims to be filed within 12 months of tax year end.

Directs the Department of Taxation to prepare necessary forms, require reasonable documentation, and adopt administrative rules; applies to taxable years beginning after December 31, 2024.