HI SB2001

Extends the research activity tax credit by one year, making it applicable through taxable years beginning after December 31, 2011 (previously set to expire December 31, 2010).

Repeals the technology infrastructure renovation tax credit effective May 1, 2010, eliminating the 4% credit on renovation costs for commercial buildings.

Repeals the high technology business investment tax credit effective May 1, 2010, eliminating the multi-year credit ranging from 10-35% on investments in qualified high technology businesses.

Makes conforming amendments to remove references to the repealed high technology business investment tax credit from sections 235-9.5, 235-20.5, and 235-110.91.

Takes effect May 1, 2010, with retroactive application if enacted after that date; preserves existing rights, duties, penalties, and carryover tax credits that occurred before the effective date.