HI SB970

Establishes a public transportation subsidization tax credit for employers in counties with populations of 700,000 or more that pay public transportation fares or passes for their employees.

Tax credit amount equals the actual spending by the taxpayer on employee public transportation during the taxable year, including bicycle share program memberships.

Excess credits that exceed income tax liability may be carried forward to subsequent tax years until exhausted; credits must be claimed within 12 months after the close of the taxable year.

Tax credit applies to taxable years beginning after December 31, 2024, but expires for taxable years beginning after December 31, 2029.

Requires the director of taxation to submit reports to the legislature prior to regular sessions in 2027, 2028, 2029, and 2030 detailing credit grants, cumulative value, and recommendations on program continuation.