|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2138 |
|
THIRTIETH LEGISLATURE, 2020 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO TAX CREDITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.91, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:
"(f) If in any taxable year the annual amount of
certified credits reaches [$5,000,000] $25,000,000 in the
aggregate, the department of business, economic development, and tourism shall
immediately discontinue certifying credits and notify the department of
taxation. In no instance shall the department
of business, economic development, and tourism certify a total amount of
credits exceeding [$5,000,000] $25,000,000 per taxable year. To comply with this restriction, the
department of business, economic development, and tourism shall certify credits
on a first come, first served basis.
The department of taxation shall not allow the aggregate amount of credits claimed to exceed that amount per taxable year."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2020.
|
INTRODUCED BY: |
_____________________________ |
|
|
|
Report Title:
Income Tax; Tax Credit for Research Activities
Description:
Increases the aggregate cap amount of the tax credit for research activities from $5,000,000 to $25,000,000. Applies to taxable years beginning after 12/31/2020.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.