Bill Text: HI SB590 | 2010 | Regular Session | Introduced

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Bill Title: Tax Credit; Medical Technology

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB590 Detail]

Download: Hawaii-2010-SB590-Introduced.html

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Report Title:

Tax Credit; Medical Technology

 

Description:

Provides a tax credit for costs related to conducting medical technology research.

 

THE SENATE	S.B. NO.	590
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO TAX CREDITS.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§235-    Medical technology research tax credit.  (a)  There shall be allowed to each individual or corporate taxpayer who is not claimed, or is not otherwise eligible to be claimed, as a dependent by another taxpayer for federal or state income tax purposes a medical technology tax credit that shall be deductible from the taxpayer's net income tax liability imposed by this chapter for the taxable year in which the tax credit is properly claimed.

     For the purpose of this section, "medical technology" means research conducted to benefit children and the elderly with respect to acute health problems, health care in rural areas of the State, and disease prevention.

     (b)  To qualify for the tax credit, the taxpayer shall be in compliance with all applicable federal, state, and county statutes, rules, and regulations.

     (c)  The tax credit shall be equal to     per cent of the costs related to conducting medical technology research.

     (d)  If the tax credit under this section exceeds the taxpayer's net income tax liability, the amount of the excess tax credit shall be paid to the eligible taxpayer; provided that no refund or payment on account of the tax credit allowed by this section shall be made for amounts less than $1.

     (e)  Every claim, including amended claims, for the tax credit under this section shall be filed on or before the end of the twelfth month following the close of the taxable year for which the tax credit may be claimed.  Failure to meet the filing requirements of this subsection shall constitute a waiver of the right to claim the tax credit.

     (f)  The director of taxation:

     (1)  Shall prepare forms as may be necessary to claim a tax credit under this section;

     (2)  May require proof of the claim for the tax credit; and

     (3)  May adopt rules pursuant to chapter 91 to effectuate the purposes of this section."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval and shall apply to taxable years beginning after December 31, 2008; provided that this Act shall be repealed on December 31, 2010.

 

INTRODUCED BY:	_____________________________