HB 912 Summary

• Amends Section 235-110.91 to consolidate survey and certification requirements for the research activities tax credit into a single reporting process submitted to the Department of Business, Economic Development, and Tourism.

• Imposes a $1,000,000 annual cap per taxpayer and all related entities combined for tax credits claimed under this section.

• Establishes a $5,000,000 aggregate annual cap for all certified credits statewide, with certifications processed on a first-come, first-served basis by application receipt date; taxpayers unable to obtain certification due to the cap receive priority in the following calendar year if still eligible.

• Requires certified high technology businesses to submit detailed information including qualified expenditures, industry sector, revenue and expense data, Hawaii employment and wage data, intellectual property filings, and number of spin-out companies.

• Applies to taxable years beginning after December 31, 2020 and terminates for taxable years beginning after December 31, 2024; effective date is July 1, 2050.