Bill Text: HI SB1352 | 2015 | Regular Session | Introduced
Bill Title: Tax Credit; Research Activities; Appropriation ($)
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2015-02-02 - Referred to WAM. [SB1352 Detail]
Download: Hawaii-2015-SB1352-Introduced.html
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THE SENATE |
S.B. NO. |
1352 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to research Activities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.91, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Section 41 (with respect to the credit for increasing research activities) and section 280C(c) (with respect to certain expenses for which the credit for increasing research activities are allowable) of the Internal Revenue Code shall be operative for the purposes of this chapter as provided in this section; provided that references to the base amount in section 41 of the Internal Revenue Code shall not apply and credit for all qualified research expenses may be taken without regard to the amount of expenses for previous years; provided further that the federal tax provisions in section 41 of the Internal Revenue Code, as that section was enacted on December 31, 2011, irrespective of any subsequent changes to section 41 of the Internal Revenue Code, shall remain in effect for purposes of determining the state income tax credit under this section; provided further that the federal tax provisions in section 41 of the Internal Revenue Code, as enacted on December 31, 2011, irrespective of any subsequent amendments to section 41 of the Internal Revenue Code, shall apply only to expenses incurred for qualified research activities after December 31, 2012."
SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2015-2016 and the same sum or so much thereof as may be necessary for fiscal year 2016-2017 for the establishment of one full-time equivalent (1.00 FTE) permanent compliance specialist position in the department of taxation to assist with the certification and administration requirements of the tax credit for research activities under section 235-110.91, Hawaii Revised Statutes.
The sums appropriated shall be expended by the department of taxation for the purposes of this Act.
SECTION 3. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2014; provided that section 2 of this Act shall take effect on July 1, 2015.
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INTRODUCED BY: |
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Report Title:
Tax Credit; Research Activities; Appropriation
Description:
Provides that the amount of the state tax credit for research activities shall be calculated based on all qualified research expenses for the taxable year, without regard to the increase of expenses over past years. Appropriates funds for a compliance specialist position within the department of taxation to assist with administration of the tax credit.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
