HI HB2074

Creates a new tax credit for Department of Defense contractors in qualified high technology businesses that conduct qualified research as defined in section 235-110.9.

Allows qualified contractors to claim a tax credit for each person hired who has resided in Hawaii for at least 12 consecutive months prior to hiring.

Tax credit amount per person is left blank in the bill text and must be specified through amendment.

Excess tax credits that exceed a taxpayer's net income tax liability may be carried forward to subsequent years until exhausted.

Tax credit claims must be filed within 12 months following the close of the taxable year or the right to claim is waived; applies to taxable years beginning after December 31, 2020.