HI HB2240

Amends section 235-9 of Hawaii Revised Statutes to create a corporate income tax exemption for qualifying corporations that relocate their headquarters to Hawaii from outside the state.

An eligible business must have annual worldwide revenues of at least $100,000,000, be engaged in interstate or intrastate commerce, and have never previously maintained a corporate headquarters in Hawaii.

Eligible businesses must contractually commit to relocating their corporate headquarters to a location in Hawaii to qualify for the exemption.

The director of taxation is authorized to prepare forms, require information from applicants to verify exemption claims, and adopt rules to implement the exemption.

Effective July 1, 2012, for taxable years beginning after December 31, 2011, with the exemption automatically repealing on June 30, 2017.