HB912 Summary

• Establishes a $1,000,000 annual tax credit cap per taxpayer and all related entities for qualified research activities.

• Consolidates reporting requirements by requiring businesses to submit certified statements to the Department of Business, Economic Development, and Tourism identifying qualified expenditures, tax credits claimed, industry sectors, revenue/expense data, Hawaii employment data, intellectual property filings, and spinout companies.

• Changes certification deadline from March 31 to the last day of the third month following the end of each taxable year, with failure to submit constituting a waiver of the credit.

• Implements first-come, first-served basis certification (by application receipt date) up to the $5,000,000 aggregate annual cap per calendar year, with priority carryover provisions for applicants who miss the cap.

• Eliminates separate annual survey requirements and incorporates reporting metrics directly into the certification process to reduce duplicative reporting burdens on businesses.