HI HB593

Amends Hawaii's tax credit for research activities to allow credits based on all qualified research expenses for the taxable year, without regard to the base amount calculation required under federal Internal Revenue Code section 41.

Freezes the application of federal tax provisions to those in effect on December 31, 2011, for determining the state income tax credit for research activities.

Appropriates unspecified funds for fiscal years 2017-2018 and 2018-2019 to establish one full-time compliance specialist position in the Department of Taxation to certify and administer the research activities tax credit.

Effective July 1, 2038, and applies to taxable years beginning after December 31, 2016.