HI HB355

Establishes a one-time nonrefundable wind resistance retrofit tax credit for individual taxpayers who file Hawaii income tax returns and are not claimed as dependents by another person.

Credit amount equals $40,000 or actual costs incurred for wind resistance retrofit work on primary residence, whichever is less, with minimum credit of $1.

Insurance commissioner must establish wind resistance standards by rule; taxpayers must pre-certify eligible retrofit costs through the insurance division before work begins, with credit certification capped at 2,000 in year one and 4,000 in year two.

Excess credits that exceed net income tax liability may be carried forward to subsequent taxable years; claims must be filed within twelve months following the close of the taxable year or the right to claim is waived.

Applies to taxable years beginning after December 31, 2024; designed to assist homeowners in preparing residences to withstand hurricanes with sustained winds exceeding 200 miles per hour due to increased hurricane risk from climate change.