Bill > SB3213

This bill aims to strengthen Hawaii's Research Activities Tax Credit to encourage economic diversification and job growth by allowing businesses to claim credits for all their qualified research expenses without being limited by their spending in previous years, a change that removes the "base amount" requirement from federal tax law that previously applied. Additionally, the bill increases the annual statewide cap for these tax credits from $5,000,000 to $15,000,000, reflecting a demonstrated demand and positioning Hawaii to better compete for innovation-driven companies by signaling a commitment to investing in its people's potential.