Bill Text: HI HB2599 | 2018 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Slight Partisan Bill (Democrat 8-5)
Status: (Introduced - Dead) 2018-02-14 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Souki excused (1). [HB2599 Detail]
Download: Hawaii-2018-HB2599-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2599 |
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TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO TAXATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.91, Hawaii Revised Statutes, is amended as follows:
1. By amending subsection (f) to read
"(f) As used in this section:
"Qualified high technology
business" [shall have the same meaning] means:
(1) The
same as in section 235-7.3(c)[.]; or
(2) A
small business as defined in section 201M-1; provided that the amount of the
credit for a small business shall not exceed $25,000.
"Qualified research" shall have the same meaning as in section 41(d) of the Internal Revenue Code.
"Qualified research expenses" shall have the same meaning as in section 41(b) of the Internal Revenue Code; provided that it shall not include research expenses incurred outside of the State.
2. By amending subsection (i) to read:
"(i) A qualified high technology business,
other than a small business, that claims the credit under this section
shall complete and file with the department of business, economic development,
and tourism, through that department's website, an annual survey on electronic
forms prepared and prescribed by the department of business, economic
development, and tourism. The annual
survey shall be filed before June 30 of each calendar year following the
calendar year in which the credit may be claimed under this section. The department of business, economic
development, and tourism may adjust the due date of the annual survey by rules
adopted pursuant to chapter 91."
3. By amending subsection (n) to read
"(n) [This] For a qualified high
technology business that is a small business, this section shall not apply
to taxable years beginning after December 31, 2019."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2112, and shall apply to taxable years beginning after December 31, 2017.
Report Title:
Taxation; Small Business; Research and Development; Tax Credit
Description:
Includes small businesses conducting research and development activities within the State as businesses eligible for Hawaii's tax credit for research activities. (HB2599 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
