HI HB1957

Removes the provision that exempted the research activities tax credit from Internal Revenue Code base amount limitations and allowed credits regardless of previous years' expenses.

Increases the annual cap on certified research activities tax credits from $5,000,000 to $15,000,000 per taxable year.

Narrows eligibility to "small businesses" (companies with no more than 500 employees including affiliates) that conduct more than 50% of activities in qualified research and are registered to do business in Hawaii.

Extends the sunset date of the research activities tax credit from December 31, 2024 to December 31, 2029.

Applies to taxable years beginning after December 31, 2023, with an effective date of July 1, 3000.