HI HB577

Establishes a public transportation subsidization tax credit for employers that purchase fares or passes for employees to use state or county-operated public transportation.

Allows individual and corporate taxpayers who are employers with a place of business in Hawaii to claim a credit equal to a percentage of amounts spent on employee public transportation (percentage amount left blank in bill).

Permits unused tax credits to carry forward to subsequent years through December 31, 2030, with a 12-month filing deadline after the close of each taxable year.

Requires the director of taxation to prepare necessary forms, request verification information, and submit reports to the legislature before the 2027, 2028, 2029, and 2030 sessions detailing credit grants and totals.

Tax credit available only for taxable years beginning after December 31, 2025 but not after December 31, 2029; effective July 1, 3000.