summary
Introduced
01/23/2020
01/23/2020
In Committee
05/12/2020
05/12/2020
Crossed Over
03/03/2020
03/03/2020
Passed
Dead
07/10/2020
07/10/2020
Introduced Session
2020 Regular Session
Bill Summary
Establishes the ocean sciences research tax credit. Effective 7/1/2051. Applies to taxable years beginning after 12/31/2020. (HD1)
AI Summary
This bill establishes the ocean sciences research investment tax credit to foster research and development and expand and diversify Hawaii's economy. The tax credit, which applies to taxable years beginning after December 31, 2020, allows taxpayers to deduct from their net income tax liability up to a certain percentage of their at-risk investment made into a qualified entity for research and development in the field of ocean sciences. A qualified entity is defined as a small business licensed in Hawaii and primarily engaged in ocean sciences research and development. The credit can be claimed until December 31, 2025, and the taxpayer must submit certain information to the Department of Taxation within 90 days of the end of the calendar year in which the credit is claimed.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (5)
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Representative(s) Cabanilla Arakawa, McKelvey, San Buenaventura voting aye with reservations; none voting no (0) and Representative(s) Thielen excused (1). (on 05/12/2020)
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