HB 285 Summary

• 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 coverage

• Tax credit equals 20% of insurance premium tax otherwise due, with an additional 10% credit (30% total) for insurers incorporated in Hawaii

• Aggregate cap of $50,000 per tax year on all tax credits claimed by insurers under this section

• Requires insurers to obtain tax credit certificates from the commissioner before writing qualifying policies, with credits reserved on a first-come, first-served basis

• Applies to taxable years beginning after December 31, 2025, with tax credit claims required to be filed within 12 months following the close of the taxable year