HI SB1133

Authorizes counties where over 1% of housing stock was destroyed or rendered uninhabitable by a disaster to establish rental unit price ceiling ordinances limiting rent increases to a rate based on the Consumer Price Index for rent of primary residence

Requires counties adopting such ordinances to calculate and publish the maximum allowable rent increase rate annually beginning August 1, 2025, with increases capped at zero if CPI change is at or below zero

Creates a nonrefundable Long-Term Residential Lease Tax Credit for taxpayers who own dwelling units in counties with rent ceiling ordinances and lease to tenants as their principal residence under agreements of one year or longer

Tax credit amount is per dwelling unit and may be carried forward for up to three taxable years if it exceeds the taxpayer's income tax liability; lessees cannot be immediate family members of the property owner

Effective July 1, 2050, with the tax credit provisions applying to taxable years beginning after December 31, 2025