HI SB3082

Establishes an income tax credit for taxpayers who incur qualified manufacturing costs in Hawaii, deductible from net income tax liability.

Credit amount is calculated as a percentage of qualified manufacturing costs incurred during the taxable year, with a maximum cap per taxpayer (specific percentages and amounts left blank in bill text).

Qualified manufacturing costs include expenditures for equipment used to manufacture tangible personal property in Hawaii and costs to train employees in manufacturing.

Excess credits exceeding income tax liability may be carried forward to subsequent years until exhausted; claims must be filed within twelve months following the close of the taxable year.

Effective July 1, 2050 for taxable years beginning after December 31, 2014, and repealed January 1, 2023; requires Department of Business, Economic Development, and Tourism to certify qualified costs and Director of Taxation to administer the credit.