Bill Text: HI SB2323 | 2014 | Regular Session | Amended
Bill Title: Tax Credit; Research Activities ($)
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Engrossed - Dead) 2014-03-10 - Re-referred to FIN, referral sheet 30 [SB2323 Detail]
Download: Hawaii-2014-SB2323-Amended.html
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THE SENATE |
S.B. NO. |
2323 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
S.D. 1 |
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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 2014-2015 for the establishment of one full-time equivalent (1.00 FTE) permanent compliance specialist position in the department of business, economic development, and tourism to assist with the certification and administration requirements of the tax credit for research activities under section 235-110.91, Hawaii Revised Statutes.
The sum appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2050, and shall apply to taxable years beginning after December 31, 2013.
Report Title:
Tax Credit; Research Activities
Description:
Clarifies that sections 41 and 280C(c) of the Internal Revenue Code shall be relied upon for calculating the state tax credit for research activities, except that references to the base amount shall not apply and credit for all qualified research expenses may be taken without regard to the amount of expenses for previous years. Appropriates moneys for a compliance specialist position within DBEDT to assist with administration of the tax credit. Effective 07/01/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
