HI HB1143

Creates a historic preservation income tax credit equal to 30% of qualified rehabilitation expenditures for substantial rehabilitation of certified historic structures listed on the Hawaii or national register of historic places

Requires rehabilitation expenditures to exceed 25% of the structure's assessed value to qualify as "substantial rehabilitation"

Allows unused tax credits to be carried forward for up to 10 years if the credit exceeds the taxpayer's tax liability

Establishes annual aggregate caps on total tax credits claimed from 2025 through 2030 (specific dollar amounts left blank in the bill)

Requires the State Historic Preservation Division to certify completed rehabilitations and submit annual reports to the legislature evaluating the tax credit's effectiveness; sunsets December 31, 2030