Real property tax credit for homeowners

An owner is entitled to a real property tax credit equal to the amount by which the taxes owed for the same tax year in which the application is filed for the property exceed 3 percent of the titleholders’ income; provided that: (1) The owner has been granted the home exemption under § 8-10.3 when the application is filed; (2) The taxes owed for the same tax year in which the application is filed for the tax credit exceed 3 percent of the titleholders’ combined income for the calendar year immediately preceding the date of the application; (3) The combined income of all titleholders of the property for the calendar year immediately preceding the date of the application does not exceed $80,000; (4) No titleholder owns any other real property anywhere during the applicable tax year; (5) The titleholders have not violated § 8-13.5 ; (6) The amount of the tax after applying the credit is not less than the minimum tax required in § 8-11.1 (g); (7) If the taxes owed, less any other one-time tax credit, are less than or equal to 3 percent of all titleholders’ combined income for the calendar year immediately preceding the date of the application, no credit will be applied; (8) The titleholders of the property filed income tax returns, if required under Hawaii income tax law and under Internal Revenue Service regulations, on or before the date of filing an application for a tax credit; and (9) The grant of the application for a tax credit entitles the owner to a credit only for the tax year succeeding the tax year in which the application was filed. There will be no carryover tax credit. )