HI HB1172

Amends Hawaii's research activities tax credit to allow calculation based on all qualified research expenses in the taxable year, rather than only increases over previous years' expenses.

Removes the "base amount" requirement from federal Internal Revenue Code Section 41, enabling taxpayers to claim credit for all qualified research expenses without regard to historical expense levels.

Applies the December 31, 2011 version of federal tax code Section 41 for determining the state income tax credit, with any subsequent federal amendments not affecting Hawaii's credit calculation.

Takes effect July 1, 2030, and applies to taxable years beginning after December 31, 2014.