HI HB1068

Amends Hawaii's income tax credit for qualified research activities to allow credit for all qualified research expenses incurred in the taxable year, rather than only the increase in expenses over previous years.

Removes the "base amount" requirement that previously limited the credit to incremental increases in research and development spending.

Intended to help small, early-stage research and development companies bridge funding gaps between federal grants and product commercialization stages.

Aims to create and maintain science, technology, engineering, and mathematics jobs in Hawaii by supporting innovation and commercialization of research.

Takes effect July 1, 2015, and applies to taxable years beginning after December 31, 2015.