HI HB2486

Establishes the Kapolei Jobs Initiative Program within the Department of Business, Economic Development, and Tourism to provide tax incentives for businesses locating in the Kapolei region (zip codes 96706, 96707, 96709).

Defines "qualified business" as any business that establishes itself or opens a new location in Kapolei by December 31, 2021, creates a minimum net gain of 10 full-time employees, participates in the state enterprise zone program, and maintains its establishment in the designated area.

Provides qualified businesses with a Kapolei jobs initiative income tax credit calculated as a percentage of net income tax liability and unemployment insurance taxes accrued or paid, with percentages decreasing over a five-year period.

Allows tax credits to be carried over for up to five succeeding taxable years if credits exceed the taxpayer's net income tax liability in a given year, with an aggregate cap on total credits available to all eligible taxpayers in any one taxable year.

Takes effect February 19, 2030, applies to taxable years beginning after December 31, 2016, and repeals on December 31, 2021.