HI HB1251

Creates a new refundable income tax credit for qualified taxpayers to offset the cost of real property insurance premiums on condominium units

Credit amount equals a percentage (specific percentage left blank in bill) of the taxpayer's yearly real property insurance premium for a qualified property

Limits eligibility to owner-occupants of condominiums who use the property as their principal residence for at least 365 consecutive days and do not rent or lease the property

Requires claims to be filed within 12 months following the close of the taxable year; excess credits beyond tax liability will be refunded to the taxpayer

Applies to taxable years beginning after December 31, 2024