S.B. 1462 Summary

• Establishes a historic preservation income tax credit equal to 30% of qualified rehabilitation expenditures for substantially rehabilitated certified historic structures.

• Credit is available in the taxable year when the rehabilitated structure is placed into service and can be carried forward for up to 10 years if it exceeds current year tax liability.

• Qualified historic structures include those individually listed in the Hawaii or National Register of Historic Places, structures in registered historic districts certified as contributing, or structures eligible for and subsequently listed in the Hawaii Register.

• Annual statewide cap on total credits claimed is $1,000,000 per year from 2025 through 2030; credits exceeding the cap are subject to recapture.

• Requires State Historic Preservation Division to certify rehabilitation projects comply with approved plans and adopt rules establishing standards; requires taxpayers to submit certified statements documenting qualified expenditures within 12 months of project completion.