HI HB2338

Clarifies that the tax credit for research activities under Hawaii law applies only to research conducted within the State, excluding research conducted outside Hawaii.

Eliminates the requirement that the Department of Taxation certify all research credit claims, simplifying the administrative process for claiming the credit.

Makes failure to submit the required annual survey to the Department of Business, Economic Development, and Tourism a waiver of the right to claim the credit.

Applies to taxable years beginning after December 31, 2013, with an effective date of July 1, 2050.

Maintains the underlying research credit structure based on federal Internal Revenue Code section 41 as enacted on December 31, 2011.