Bill > HB454

This bill establishes an income tax credit for investment in qualified businesses that develop cybersecurity and artificial intelligence. The tax credit is available for five years, with the highest percentage (35%) in the first year and decreasing to 10% in the third and fourth years following the investment. The bill also outlines the requirements for a business to qualify for the tax credit, including that more than 50% of its total business activities or 75% of its gross income must be from the development of cybersecurity and artificial intelligence. The bill also amends existing law to ensure the tax credit is applicable to other relevant chapters of the Hawaii Revised Statutes.