HI HB943

Establishes a five-year Kapolei Jobs Initiative pilot program within the Department of Business, Economic Development, and Tourism to incentivize businesses to establish or expand operations in zip codes 96706, 96707, and 96709.

Defines "qualified businesses" as those creating at least 10 new full-time jobs, paying minimum $44,000 annual salaries to at least half their employees, and earning at least half revenue from the Kapolei area, while excluding most retail operations and existing enterprise zone participants.

Provides a Kapolei jobs initiative income tax credit for qualified businesses, with credit percentages declining over a five-year period, plus additional credits for unemployment insurance accrued or paid under specified percentages for each year.

Requires qualified businesses to prequalify with the Department of Business, Economic Development, and Tourism and submit annual sworn statements detailing expenditures, employment data, wages, and other performance metrics to measure program effectiveness.

Limits aggregate tax credits to a maximum amount per taxable year, allows unused credits to carry over until December 31, 2022, and requires the department to report to the legislature before each regular session on program expenditures in redacted form.