HI HB188

Establishes a new tax credit for corporations subject to Hawaii's income tax for mentoring students participating in science, technology, engineering, and mathematics (STEM) programs.

Credit amount equals 100% of qualified costs for the first mentored student, with costs reduced by 20% for each subsequent student, capped at five students per corporation per taxable year.

Defines "qualified costs" as expenses required for student participation in STEM programs, including internship and externship costs, and covers programs established under Act 111 (2007), the Environmental and Spatial Technology Initiative, and state public school/college STEM programs.

Allows unused credits exceeding a corporation's income tax liability to be carried forward to subsequent years until exhausted.

Applies to taxable years beginning after December 31, 2010, with all credit claims required to be filed within twelve months following the close of the applicable taxable year.