Hawaii Senate Bill SCR102

Hawaii 2024 Regular Session

• Introduced: 3/8/24
• Refer: 3/14/24
• Refer: 3/19/24

Caption

Requesting The Insurance Commissioner To Consult With The Department Of Taxation Regarding The Establishment Of A Wind Resistance Retrofit Tax Credit Program.

Impact

The proposed tax credit program is intended to provide financial incentives for homeowners to install wind resistive devices, which can lessen property loss during severe weather events. By encouraging such installations, the program aims not only to protect the health and safety of residents but also to alleviate repair costs associated with hurricane damage. The initiative could lead to long-term savings for homeowners and promote preparedness against future natural disasters.

Summary

Senate Concurrent Resolution SCR102, introduced in the Thirty-Second Legislature of Hawaii, requests the Insurance Commissioner to consult with the Department of Taxation regarding the establishment of a Wind Resistance Retrofit Tax Credit Program. The resolution recognizes the state's vulnerability to property loss caused by hurricanes and other natural disasters, highlighting the importance of utilizing wind resistive devices as a long-term solution to reduce potential damages.

Contention

Notable points of contention surrounding SCR102 may arise from concerns about the financial implications for the state budget, particularly regarding the fiscal capacity to accommodate the proposed tax credits. Additionally, discussions could involve the effectiveness and appropriateness of incentivizing residential improvements versus other strategies for disaster preparedness and response. Stakeholders might advocate for a more comprehensive approach to hurricane preparedness, debating the necessity and potential impact of the tax credit program on overall safety and property resilience.