HOUSE OF REPRESENTATIVES	H.B. NO.	2138
THIRTIETH LEGISLATURE, 2020		H.D. 1
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] $           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] $           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 Statutory material to be repealed is bracketed and stricken.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 shall take effect on July 1, 2112, and shall apply to taxable years beginning after December 31, 2020.

Report Title:

Income Tax; Tax Credit for Research Activities

Description:

Amends the aggregate cap amount of the tax credit for research activities. Applies to taxable years beginning after 12/31/2020. Takes effect on 7/1/2112. (HD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.