Bill > HB2546

Introduced Session

Amends the tax credit for research activities by: allowing qualifying taxpayers to claim the credit for all qualified research expenses without regard to the amount of expenses for previous years; amending from March 31 to March 1 the deadline for qualified high technology businesses to submit to the Department of Business, Economic development, and Tourism written, certified statements identifying qualified expenditures and the tax amount of tax credits claimed in the previous taxable year; for any taxable year the annual aggregate cap is reached, requiring the credit to be divided between all qualified high technology businesses in proportion to the amount of qualified research expenses claimed; and requiring DBEDT to establish an annual application period and notify each qualified high technology business applicant of the credit amount certified. Applies to costs incurred beginning after 12/31/2025. Repeals the credit on 1/1/2029. Effective 7/1/3050. (SD2)

AI Summary

Committee Categories

Daisy Hartsfield (D)*,  Greggor Ilagan (D)*,  Susan Keohokapu-Lee Loy (D)*,  Lisa Kitagawa (D)*,  Matthias Kusch (D)*,  Tyson Miyake (D)*,  Dee Morikawa (D)*,  Nadine Nakamura (D)*,  Amy Perruso (D)*,  Shirley Ann Templo (D)*, 

Conference committee meeting to reconvene on 05-01-26 5:40 PM; Conference Room 309. (on 05/01/2026)

Bill Topics

Official Document