HB 468 Summary

• Establishes a job creation tax credit for businesses that hire eligible employees into new full-time positions between May 1, 2013 and April 30, 2014, with credit amount equal to unemployment insurance taxes paid on those employees.

• Requires hired employees to be continuously employed for at least nine months before the credit can be claimed, and employees must reside in Hawaii and be receiving or eligible for unemployment insurance benefits.

• Mandates businesses maintain their base employment level (employees on the bill's effective date) on an annualized basis or lose eligibility for the credit.

• Allows businesses to continue earning credits on eligible employees for up to two years of employment, provided continuous employment and base employment level requirements are met.

• Sunsets on December 31, 2016, though unexhausted credits remain valid and claims filed before that date remain valid; businesses receiving credits must maintain substantial operations in Hawaii for at least two years after their last credit receipt or face 50% recapture.