HI SB753

Extends the income tax credit for qualified research activities for an additional five years, with the credit now applying to taxable years beginning after December 31, 2010 and ending after December 31, 2015.

Repeals existing certification requirements and establishes new annual reporting requirements for qualified high technology businesses claiming the credit, including a $2,000 per month fine for failure to file the annual survey by June 30 deadline.

Requires annual surveys to include industry sector identification, qualified expenditures, revenue and expense data, Hawaii employment and wage data, and filed intellectual property information.

Directs the Department of Business, Economic Development, and Tourism to compile aggregate statistics on the tax credit's effectiveness and report findings to the legislature annually by December 21.

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.