HI HB2239

Establishes a 10% income tax credit for taxpayers who invest in small business enterprises, with a maximum annual credit of $5,000,000 per taxpayer.

Requires a holding period before the credit can be claimed: 2 years for investments made between July 1, 2012 and July 1, 2014, and 5 years for investments made on or after July 1, 2014.

Defines qualifying small business enterprises as those employing at least 50 full-time employees in Hawaii (or having more than half their US workforce in Hawaii) that invest an amount equal to or greater than the investor's contribution in tangible property, real property, intangible property, or employee compensation within 6 months.

Requires investors to obtain a small business investment certificate from the Department of Business, Economic Development, and Tourism before claiming the credit, with a statewide annual certification cap of $50,000,000.

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