HI HB339

Increases the state income tax credit for qualified research activities to 125% (one and one-quarter times) of the allowable federal tax credit under Internal Revenue Code Section 41 for tax years beginning after December 31, 2018

Applies the increased credit rate to both qualified high technology businesses and other taxpayers claiming the research activities credit

Removes the December 31, 2019 sunset provision, extending the credit indefinitely (with blank year to be filled in legislation)

Requires taxpayers to claim the corresponding federal research tax credit under Section 41 of the Internal Revenue Code to qualify for the state credit

Maintains the December 31, 2011 version of federal tax provisions as the baseline for calculating the state credit, disregarding any subsequent federal amendments