HI HB467

Establishes a tax exemption under Hawaii income tax law for qualifying corporations that relocate their corporate or regional headquarters to Hawaii from outside the state.

Eligible businesses must have annual worldwide revenues of at least $100,000,000 in the year before applying for exemption and must not have previously maintained headquarters in Hawaii.

Eligible businesses must be engaged in interstate or intrastate commerce and contractually commit to relocating their headquarters to a physical location within the state.

Director of taxation is authorized to create necessary forms, request information to verify exemption claims, and adopt administrative rules to implement the exemption.

Tax exemption is effective July 1, 2013 for taxable years beginning after December 31, 2012, and is set to expire on June 30, 2018 unless extended.