HI HB1401

Reestablishes a temporary income tax credit for qualified research activities conducted in Hawaii, effective for taxable years beginning after December 31, 2012, and expiring after December 31, 2015.

Allows qualified high technology businesses conducting more than a specified percentage of activities in qualified research to claim an income tax credit equal to the federal research credit under Internal Revenue Code Section 41, with excess credits refunded if they exceed tax liability.

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

Mandates the Department of Taxation to collect and report summary statistics on the tax credit's effectiveness to the legislature by September 1 annually, including data on jobs created, taxes paid, industry sectors, and qualified research activities.

Establishes that basic research and qualified research must be conducted within Hawaii to qualify, and allows the director of taxation to assess fees on credit claims to offset certification costs.