HI HB355

Creates a one-time nonrefundable income tax credit of up to $40,000 for homeowners who retrofit their primary residence to meet wind resistance standards for hurricane preparedness

Requires taxpayers to pre-certify eligible retrofit costs with the insurance division of the Department of Commerce and Consumer Affairs before work begins

Caps the number of tax credits at 2,000 in the first year and 4,000 in the second year of eligibility

Allows unused credit amounts to carry forward to subsequent tax years until exhausted

Applies to taxable years beginning after December 31, 2024, with eligibility standards to be determined by the insurance commissioner through administrative rules