HB 2226 Summary

• Establishes a $2,500,000 per taxable year cap on tax credits for each qualified high technology business and all its related entities combined.

• Increases the annual aggregate cap for all certified credits from $5,000,000 to $15,000,000 per calendar year, with first-come, first-served certification based on application receipt date.

• Changes the reporting deadline from March 31 annually to no later than the last day of the third month following the end of each taxable year and consolidates previous survey requirements into a single certification submission.

• Requires businesses claiming the credit to submit specified information including industry sector, revenue and expense data, Hawaii employment data, intellectual property filings, and a signed officer certification subject to penalties under section 231-36.

• Applies to taxable years beginning after December 31, 2021 and expires for taxable years beginning after December 31, 2024.