HI HB2429

Requires taxpayers claiming income tax credits or general excise/use tax exemptions to file disclosure statements with the Department of Business, Economic Development, and Tourism (DBEDT) including their name, the credit/exemption claimed, amount, and total cost to the State.

Failure to timely file the required disclosure statement results in waiver of the right to claim the tax credit or exemption.

DBEDT, in collaboration with the Department of Taxation, must use the reported information to evaluate tax expenditure effectiveness and submit an annual report to the legislature by September 1.

Disclosure statements filed by taxpayers will be available for public inspection, subject to Hawaii's public records law (Chapter 92F).

Applies to taxable years beginning after December 31, 2026, with an effective date of July 1, 3000 (placeholder date suggesting amendment needed).