HI HB990

Consolidates survey and certification requirements for the research activities tax credit into a single filing with the Department of Business, Economic Development, and Tourism, eliminating a separate annual survey requirement.

Caps individual taxpayer eligibility at $1,000,000 in tax credits per taxable year for each taxpayer and all related entities combined.

Changes the aggregate statewide cap from a taxable year basis to a calendar year basis at $5,000,000 and implements a first-come, first-served certification process based on application receipt date, with priority given to applicants unable to receive certification due to the cap being reached.

Expands reporting requirements to include industry sector, revenue and expense data, Hawaii employment and wage information, intellectual property filings, and new companies spun out from intellectual property commercialization.

Applies to taxable years beginning after December 31, 2022, and expires after taxable years beginning on or after December 31, 2024.