S.B. 753 Summary

• Extends the income tax credit for qualified research activities conducted in Hawaii for an additional five years through December 31, 2015.

• Eliminates existing certification requirements and establishes new annual reporting requirements for qualified high technology businesses claiming the credit, including disclosure of industry sector, qualified expenditures, revenue/expense data, employment data, and intellectual property filings.

• Requires the Department of Business, Economic Development, and Tourism to collect and analyze data from businesses claiming the credit to measure effectiveness and report results to the legislature annually by December 21.

• Imposes a $2,000 per month fine on qualified high technology businesses that fail to file the required annual survey by June 30 each year.

• Requires the University of Hawaii at Manoa to lease the Manoa Innovation Center to the High Technology Development Corporation for a term of not less than twenty years, with the corporation responsible for annual maintenance and operating costs.