HI HB285

Creates a nonrefundable tax credit for insurers that provide full property coverage (100% of insurable value) to condominium owners and associations, covering windstorm, hurricane, hail, flood, fire, and localized perils

Tax credit equals 20% of the insurance premium tax due for qualifying policies, with an additional 10% (total 30%) for insurers incorporated in Hawaii

Caps the aggregate tax credits available to all insurers at $50,000 per tax year

Requires insurers to obtain a tax credit certificate from the commissioner, with credits allocated on a first-come, first-served basis

Applies to taxable years beginning after December 31, 2025