HI HB1456

Creates a new state income tax credit for individual and corporate taxpayers who install and place in service qualified environmental sustainability projects in Hawaii

Qualified projects include systems supporting agriculture, agroforestry, aquaculture, circular manufacturing, or renewable energy

Tax credit equals a percentage of actual project costs (specific percentage left blank in bill), with unused credits carrying forward to subsequent tax years until exhausted

Taxpayers must comply with all state environmental and building regulations and demonstrate quantifiable environmental benefits to qualify

Per-project and annual aggregate credit caps to be established (dollar amounts left blank in bill); projects already claiming the renewable energy tax credit under section 235-12.5 are ineligible; applies to taxable years beginning after December 31, 2024