HI HB475

Establishes a manufacture and export tax credit allowing taxpayers to deduct up to 15 percent of domestic production gross receipts from the export and sale of qualifying products outside Hawaii from their net income tax liability.

Requires taxpayers claiming the credit to be subject to excise tax, in compliance with all applicable laws, have no outstanding tax liability, and incur at least 50 percent of operating and manufacturing costs from in-state sources.

Restricts the credit to taxpayers not generating income from export sales before the effective date of the Act, ensuring the credit only applies to new export ventures.

Allows unused credits to carry forward to subsequent taxable years until exhausted, with claims required to be filed within 12 months following the close of the taxable year.

Applies to taxable years beginning after December 31, 2011 through December 31, 2016, providing a five-year window for the temporary tax incentive.