HI SB2323

Amends Hawaii's research activities tax credit under section 235-110.91 to eliminate the "base amount" limitation, allowing businesses to claim credit for all qualified research expenses regardless of prior-year expenses.

Modifies the state tax credit to rely on federal Internal Revenue Code sections 41 and 280C(c) as enacted on December 31, 2011, with no subsequent amendments, for taxable years beginning after December 31, 2013.

Appropriates funds for fiscal year 2014-2015 to establish one full-time compliance specialist position in the Department of Business, Economic Development, and Tourism to administer and certify the research activities tax credit.

Takes effect on July 1, 2050, and applies to taxable years beginning after December 31, 2013.