HI HB943

Establishes a Kapolei jobs initiative pilot program within the Department of Business, Economic Development, and Tourism to incentivize business establishment and expansion in zip codes 96706, 96707, and 96709.

Defines "qualified business" as enterprises establishing or opening new locations in the designated area with minimum 10 full-time employees earning at least $44,000 annually for half the workforce, earning at least half revenue from the Kapolei location, and excluding most retail operations.

Creates a Kapolei jobs initiative income tax credit allowing qualified businesses to deduct a percentage of net income tax liability for five years, with declining percentages each year and a maximum aggregate cap per taxable year.

Includes unemployment insurance tax credits ranging from a specified percentage in year one declining through year five, with unused credits carryable forward until December 31, 2022.

Requires qualified businesses to preregister with the state, submit annual sworn statements documenting expenditures and employment data, and prohibits participation if already enrolled in the state enterprise zone program.