Provides an individual income tax credit equal to 5% of the purchase price of a new single-family residence, condominium, or town house that complies with the Hawaii model energy code, excluding commissions, taxes, interest, points, and other brokerage, finance, and escrow charges.

A BILL FOR AN ACT

SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to part III to be appropriately designated and to read as follows:

"§235- Hawaii model energy code; purchase of compliant buildings; individual income tax credit. (a) Any taxpayer who files an individual income tax return for a taxable year may claim an income tax credit under this section against the Hawaii state individual net income tax.

(d) If the tax credit claimed by the taxpayer under this section exceeds the amount of the income tax payments due from the taxpayer, then the excess of credit over payments due shall be refunded to the taxpayer; provided that:

(e) The director of taxation shall prepare such forms as may be necessary to claim a credit under this section, may require proof of the claim for the tax credit, and may adopt rules pursuant to chapter 91.

(f) All of the provisions relating to assessments and refunds under this chapter and under section 231-23(c)(1) shall apply to the tax credit under this section.

(g) Claims for the tax credit under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the taxable year for which the credit may be claimed."

SECTION 2. Section 235-12, Hawaii Revised Statutes, is amended by amending its title to read as follows:

"§235-12 Energy conservation[;] devices and systems; income tax credit."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.