STAND.
COM. REP. NO. 281
Honolulu, Hawaii
, 2021
RE: H.B. No. 912
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Economic Development, to which was referred H.B. No. 912 entitled:
"A BILL FOR AN ACT RELATING TO TAX CREDIT FOR RESEARCH ACTIVITIES,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Consolidate the survey and certification requirements for the Research Activities Tax Credit;
(2) Require the certification on a first come, first served basis by date subject to certain conditions; and
(3) Add a cap for the taxpayer and related entities.
Your Committee finds that the tax credit
for research activities is important to the success of local research and high
technology companies, as it allows these companies to remain competitive with
mainland companies. This measure
provides further clarity and consistency in the administration of the tax
credit to foster job growth and diversify the State's economy.
Your Committee has amended this measure by:
(1) Changing the effective date to July 1, 2050, to encourage further discussion; and
(2) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 912, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 912, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development,
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____________________________ SEAN QUINLAN, Chair |
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