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 a tax credit for research activities, businesses can claim the credit for all qualified research expenses without needing to consider expenses from previous years, and specific references to a "base amount" in Section 41 of the Internal Revenue Code will not apply. 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 the department will certify these credits on a first-come, first-served basis until the new cap is reached.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to ECD, FIN, referral sheet 6 (on 02/02/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=2520&year=2026 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2026/bills/HB2520_.HTM |
Loading...