HI SB965

Increases the state income tax credit for qualified research activities to an unspecified multiple (blank in text) of the federal tax credit allowed under Internal Revenue Code section 41, effective for tax years beginning after December 31, 2018.

Requires qualified high technology businesses claiming the credit to also claim the corresponding federal tax credit under IRC section 41 as it existed on December 31, 2011.

Adds a five-year recapture provision that requires businesses to repay all tax credits claimed if they cease qualifying as a qualified high technology business within five years of first claiming the credit.

Requires annual reporting to the Department of Business, Economic Development, and Tourism including employment data, expenditures, revenue, intellectual property filings, and spin-out companies.

Extends the expiration date of the tax credit program, with the Act taking effect July 1, 2112 and applying to taxable years beginning after December 31, 2018.