HI HB1547

Repeals Section 235-110.9 of the Hawaii Revised Statutes, eliminating the high technology business investment tax credit that allowed taxpayers to claim credits of 35%, 25%, 20%, 10%, and 10% over five years with maximum annual allowances ranging from $200,000 to $700,000.

Repeals Section 241-4.8, which made the high technology business investment tax credit operative under the general excise tax chapter effective July 1, 1999.

Repeals Section 431:7-209, which made the high technology business investment tax credit operative under the insurance code chapter effective July 1, 1999.

Amends Section 235-9.5 to remove the provision allowing investors who qualify for the high technology business investment tax credit to exclude income and proceeds from qualified high technology business stock options and equity from taxation.

Takes effect July 1, 2016.