HI HB2203

Establishes a job creation tax credit allowing businesses to deduct unemployment insurance taxes paid on eligible new full-time employees hired between May 1, 2012 and April 30, 2013 from their state income tax liability.

Requires employees to be continuously employed for at least 9 months before businesses can claim the credit, which can then be carried forward to subsequent years if it exceeds the firm's tax liability.

Limits credit eligibility to individuals receiving or eligible for unemployment insurance benefits who work at least 35 hours per week or 1,680 hours annually in permanent full-time positions newly created above the company's base employment level.

Requires businesses to maintain substantial operations in Hawaii for at least 2 years after their last credit receipt or face recapture of 50 percent of previously claimed credits.

Sunsets the credit program on December 31, 2015, though unused credits may continue to be applied until exhausted and claims filed before the deadline remain valid.