HI SB1462

Creates a 30% income tax credit for substantial rehabilitation of certified historic structures, where "substantial" means expenditures exceed 25% of the structure's assessed value

Caps the total tax credits claimed statewide at $1,000,000 per year for taxable years 2025 through 2030

Allows unused credits to be carried forward for up to 10 years if the credit exceeds the taxpayer's tax liability in a given year

Requires certification by the State Historic Preservation Division that rehabilitation projects comply with approved plans and preserve historic character before credits can be claimed

Effective July 1, 3000 (placeholder date), applies to taxable years beginning after December 31, 2024, and sunsets December 31, 2030