HI HB1401

Reestablishes a temporary income tax credit for qualified research activities conducted in Hawaii, extending the credit period through taxable years ending December 31, 2015 (previously set to expire December 31, 2010).

Allows qualified high technology businesses to claim an income tax credit equal to the federal research credit under Internal Revenue Code Section 41, with excess credits refundable to taxpayers.

Requires qualified high technology businesses claiming the credit to file an annual survey by June 30 each year reporting industry sector, qualified expenditures, revenue and expense data, Hawaii employment and wage information, and intellectual property filings.

Directs the Department of Taxation to collect survey data, prepare summary statistics, and report to the legislature by September 1 annually on tax credits claimed, jobs created, industry sector participation, and other effectiveness metrics.

Takes effect July 1, 2013, and applies to taxable years beginning after December 31, 2012, with the stated purpose of supporting STEM education, research and development, and economic diversification in Hawaii.