HI HB2355

Extends the sunset date for the research activities income tax credit from December 31, 2024 to December 31, 2027.

Consolidates survey and certification requirements into a single written, certified statement to the Department of Business, Economic Development, and Tourism, eliminating the separate annual survey.

Adds new reporting requirements including industry sector, revenue and expense data, Hawaii employment and wage data, intellectual property filings, and new company spin-outs.

Implements a $1,000,000 annual cap per taxpayer and its related entities to prevent a single company from claiming the entire $5,000,000 annual allotment.

Changes certification to be based on the date a complete application is received, with proportionate sharing of remaining credits if multiple applications arrive on the same date after the $5,000,000 annual cap is reached.