HI HB2138

Amends Section 235-110.91, Hawaii Revised Statutes, to modify the aggregate cap amount for the tax credit for research activities (specific dollar amount left blank in the bill text).

Requires the Department of Business, Economic Development, and Tourism to immediately discontinue certifying credits once the annual certified credits reach the cap amount and notify the Department of Taxation.

Implements a first-come, first-served basis for certifying credits to comply with the annual aggregate cap restriction.

Prohibits the Department of Taxation from allowing aggregate credits claimed to exceed the cap amount per taxable year.

Takes effect July 1, 2112, and applies to taxable years beginning after December 31, 2020.