HI HB1341

Establishes a nonrefundable tax credit for insurers providing full property coverage (100% of insurable value) to condominium owners and associations, including windstorm, hurricane, hail, flood, fire and localized perils.

Tax credit equals 20% of insurance premium tax otherwise due on the premium, or 30% for insurers incorporated in Hawaii.

Aggregate annual cap on all tax credits claimed by insurers is $5,000,000.

Only one tax credit allowed per structure regardless of number of policies written on that structure.

Insurers must apply to the commissioner for a tax credit certificate; credits reserved on first-come, first-served basis with all claims filed within 12 months after close of taxable year.

Applies to taxable years beginning after December 31, 2025.