Bill Text: HI HB476 | 2010 | Regular Session | Introduced
Bill Title: Technology park; military
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB476 Detail]
Download: Hawaii-2010-HB476-Introduced.html
Report Title:
Technology park; military
Description:
Directs the high technology development corporation to establish a technology industrial park for military technology research and development.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
476 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the high technology development corporation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 206M, Hawaii Revised Statutes, is amended by adding a new part to be appropriately designated and to read as follows:
“Part
military technology industrial park
§206M-A Industrial park; military; high technology. The development corporation shall establish a high technology industrial park to develop and sustain Hawaii's high technology industry, and the park shall be dedicated to cultivating military technology businesses and attracting federal contractors and contracts. If the establishment of a new high technology industrial park under this part is not financially feasible, the development corporation may allocate and dedicate all or parts of currently existing industrial parks to comply with this part.
§206M-B State income tax exemption. The director of taxation shall certify that a qualified business in the military technology industrial park is exempt from the payment of income taxes on the income received by the qualified business for a three year period.
§206M-C State general excise tax exemption. (a) The director of taxation shall certify that a qualified business in the military technology industrial park is exempt from the payment of general excise taxes on the gross income or gross proceeds received by the qualified business for a three year period.
(b) The gross income or gross proceeds received by a contractor shall be exempt from the general excise tax for construction within the military technology industrial park for a qualified business certified by the director."
§206M-D Definitions. For purposes of this part;
"Qualified business" means a business that conducts more than fifty per cent of its activities in qualified research in compliance or cooperation with the United States Department of Defense for the development of technologies whose primary application is in support of the military.
"Qualified research" means the same as in section 41(d) of the Internal Revenue Code.
SECTION 2. This Act shall take effect upon its approval, and shall be applicable to taxable years beginning after December 31, 2010, and before January 1, 2018.
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INTRODUCED BY: |
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