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HI SB2884
Bill
Status
Introduced
1/23/2026
Primary Sponsor
Mike Gabbard
Click for details
AI Summary
- Creates a nonrefundable income tax credit equal to 50% of costs for retrofitting homes with hurricane-resistant windows, doors, and roofing systems certified to withstand 200+ mph winds, or for constructing hurricane shelters meeting FEMA standards
- Reduces the general excise tax rate by half on sales of newly constructed concrete residential buildings that incorporate hurricane-resistant components certified for 200+ mph wind speeds
- For high-rise buildings, the reduced general excise tax applies only to the incremental cost difference between hurricane-resistant components and standard comparable components
- Tax credit may be carried forward to subsequent tax years if it exceeds the taxpayer's liability, with a sunset provision repealing the Act on December 31, 2030
- Applies to taxable years beginning after December 31, 2026, with an effective date of July 1, 2050
Legislative Description
Relating To Taxation.
Income Tax Credit
Last Action
Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
2/20/2026
Committee Referrals
Ways and Means2/20/2026
Commerce and Consumer Protection1/30/2026
Full Bill Text
No bill text available