SB 1462 Hawaii Senate · 2026 Regular Session

RELATING TO A STATE HISTORIC PRESERVATION INCOME TAX CREDIT.

Summary

Reenacts the Historic Preservation Income Tax Credit. Establishes an annual cap amount on the tax credit of $1,000,000. Effective 7/1/3000. Sunsets 12/31/2030. (HD1)

Issues: ✓ Budget & Taxes

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Jan 21, 2025 Last action Dec 8, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

SB1462_HD1 → SB1462_SD1 · 4 edits

MODERATE

The bill was amended to transition from a House draft to a Senate version, updating authorship and revision numbers. The most significant substantive change involves clarifying how tax credits are distributed among partners in business entities by explicitly requiring compliance with Internal Revenue Code section 704(b). Additionally, the effective date of the legislation was updated from the year 3000 to 2050, and the definition of qualified expenditures was slightly refined to clarify exclusions.

Scope change

The bill's scope remains focused on the Historic Preservation Income Tax Credit, but the applicability to business entities was clarified to ensure state-level distributions align with federal partnership tax rules.

TECHNICAL

Updated author names from House members to Senate members and changed the revision number from 00004 to 00008.

TIMELINE

Corrected the effective date of the Act from July 1, 3000 to July 1, 2050.

ELIGIBILITY

Modified the rule for partnerships and LLCs to require that tax credit allocations follow Internal Revenue Code section 704(b) distribution rules.

DEFINITION

Refined the definition of 'qualified rehabilitation expenditures' to explicitly state that the term does not include the taxpayer's personal labor.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 19, 2025

Committee

Reported from WAL (Stand. Com. Rep. No. 1370) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Mar 13, 2025

Lower · Passed

The committee on WAL recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 9 Ayes: Representative(s) Hashem, Lamosao, Belatti, Ichiyama, Iwamoto, Morikawa, Poepoe, Shimizu, Souza; Ayes with reservations: none; 0 Noes: none; and 1 Excused: Representative(s) Woodson.

lower

Mar 6, 2025

Committee

Referred to WAL, FIN, referral sheet 19

lower

Mar 4, 2025

Introduced

Received from Senate (Sen. Com. No. 346) in amended form (SD 1).

lower

Mar 4, 2025

Upper · Passed

Report adopted; Passed Third Reading, as amended (SD 1). Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House.

upper

Feb 26, 2025

Upper · Passed

The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in WAM were as follows: 13 Aye(s): Senator(s) Dela Cruz, Moriwaki, Aquino, DeCoite, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Kim, Lee, C., Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 20, 2025

Upper · Passed

The committee(s) on WAM will hold a public decision making on 02-26-25 10:03AM; Conference Room 211 & Videoconference.

upper

Feb 12, 2025

Upper · Passed

Report adopted; Passed Second Reading and referred to WAM.

upper

Feb 12, 2025

Committee

Reported from WTL (Stand. Com. Rep. No. 370) with recommendation of passage on Second Reading and referral to WAM.

upper

Feb 10, 2025

Upper · Passed

The committee(s) on WTL recommend(s) that the measure be PASSED, UNAMENDED. The votes in WTL were as follows: 5 Aye(s): Senator(s) Inouye, Elefante, Chang, McKelvey, DeCorte; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 5, 2025

Upper · Passed

The committee(s) on WTL has scheduled a public hearing on 02-10-25 1:00PM; Conference Room 229 & Videoconference.

upper

Jan 27, 2025

Committee

Referred to WTL, WAM.

upper

Jan 23, 2025

Introduced

Introduced and passed First Reading.

upper

Jan 21, 2025

Introduced

Pending Introduction.

upper

1 primary · 0 co-sponsors