summary
Introduced
01/28/2026
01/28/2026
In Committee
02/02/2026
02/02/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
Clarifies that references to the base amount in section 41, Internal Revenue Code of 1986, as amended, shall not apply to the tax credit for research activities, and that the tax credit for qualified research expenses may be claimed without regard to expenses in previous years. Increases the annual cap on the total amount of credits that may be certified by the Department of Business, Economic Development, and Tourism.
AI Summary
This bill clarifies that when calculating the tax credit for research activities, the "base amount" referenced in Section 41 of the Internal Revenue Code of 1986 will not apply, meaning businesses can claim the credit for qualified research expenses without being limited by their spending in previous years. Additionally, the bill significantly increases the annual cap on the total amount of these research credits that can be certified by the Department of Business, Economic Development, and Tourism, raising it from $5,000,000 to $15,000,000, and these credits will be certified on a first-come, first-served basis. This change is intended to encourage more research and development within the state.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to EDT, WAM. (on 02/02/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=3217&year=2026 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2026/bills/SB3217_.HTM |
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