HI HB2626

Establishes an income tax credit for taxpayers who incur qualified manufacturing expenses in Hawaii, deductible from net income tax liability for the taxable year claimed.

Credit amount equals a percentage of qualified manufacturing costs (percentage amount not specified in bill), capped at a maximum per-taxpayer limit (amount not specified in bill).

Qualified manufacturing costs include: equipment purchases for in-state manufacturing placed in service within one year, and employee training costs for manufacturing tangible personal property in Hawaii.

Director of taxation must prepare forms and adopt rules; Department of Business, Economic Development, and Tourism must verify costs, maintain records, and issue certificates to taxpayers verifying the credit amount.

Appropriates unspecified general revenues to DBEDT for fiscal year 2015-2016 to certify tax credit claims; credit applies to taxable years beginning after December 31, 2014; entire Act repeals January 1, 2023.