HI SB736

Re-enacts the income tax credit for qualified research activities that expired on December 31, 2010, for a five-year period to support local research and high technology companies.

Adds reporting requirements for companies claiming the tax credit to provide accountability and tracking of the credit's impact.

Aims to help Hawaii-based research and high technology companies remain competitive with mainland companies and foster job growth and local purchases of goods and services.

Sets an effective date of January 1, 2050 (inserted by committee to encourage further discussion).

Recommends passage to the Committee on Ways and Means with technical and nonsubstantive amendments for clarity and consistency.