HI HB796

Limits business tax credit claims to 80% of a taxpayer's tax liability for taxable years from January 1, 2011 through December 31, 2015.

Excludes specific credits from the limitation, including credits for child restraint systems, resident taxpayers, dependent care services, low-income renters, food/excise tax, lifeline telephone service, and renewable energy systems on single-family residential properties.

Allows unclaimed business credits from 2011-2015 to be carried forward and used against tax liability in taxable years beginning January 1, 2016 and beyond until exhausted.

Extends the credit limitation to business credits generated before January 1, 2011 that created carryovers, and suspends the normal expiration deadline for such carryovers until post-2016 credits are exhausted.

Takes effect July 1, 2011 and applies only to taxable years beginning before January 1, 2016.