THE SENATE

S.R. NO.

84

THIRTY-SECOND LEGISLATURE, 2024

 

STATE OF HAWAII

 

 

 

 

 

SENATE RESOLUTION

 

 

Requesting the insurance commissioner to consult with the department of taxation regarding the establishment of a wind resistance retrofit tax credit program.

 

 

     WHEREAS, the State is susceptible to property loss due to hurricanes, tropical storms, strong winds, and other natural disasters; and

 

     WHEREAS, the best long-term solution for reducing potential damage is the statewide use of wind resistive devices; and

 

     WHEREAS, residents of the State must inspect, repair, and reinforce their residences every year to prepare for the possibility of a hurricane making landfall; and

 

     WHEREAS, inspections, repairs, and reinforcement of residences consume needed resources from homeowners' budgets but result in homeowners having more hurricane resistant residences; and

 

     WHEREAS, these resistance measures reduce hurricane damage repair costs and may qualify homeowners for much-needed hurricane insurance premium credits; and

 

     WHEREAS, an income tax credit for certain property owners for the installation of wind resistive devices approved by the Insurance Commissioner that may lessen the severity of property loss from strong winds will serve a public purpose by protecting the health, safety, property, and welfare of residents in the State; and

 

     WHEREAS, a Wind Resistance Retrofit Tax Credit Program will also stimulate economic growth and activity in the State through the creation of business and employment opportunities for the sale and installation of wind resistive devices; now, therefore,

 

     BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Insurance Commissioner is requested to consult with the Department of Taxation regarding the establishment of a Wind Resistance Retrofit Tax Credit Program; and

 

     BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2025; and

 

     BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Insurance Commissioner and Director of Taxation.

 

 

 

 

OFFERED BY:

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Report Title: 

Income Tax Credit; Wind Resistance Retrofit; Hurricane Preparedness; Insurance; DCCA; DOTAX