Hawaii HB2520 modifies tax credits for qualified research expenses, removing the $15 million cap and allowing credits on a first-come, first-served.

Hawaii HB2520 amends the Internal Revenue Code sections 41 and 280C(c) to remove the $15 million cap on credits for qualified research expenses. This change allows businesses to take credit for all qualified research expenses without regard to the previous cap. The Department of Business, Economic Development, and Tourism will certify credits on a first-come, first-served basis. If the annual amount of certified credits reaches $15 million in the aggregate, the department must discontinue certifying credits and notify the Department of Taxation.

Hawaii HB2520 modifies tax credits for qualified research expenses, removing the $15 million cap and allowing credits on a first-come, first-served.

Hawaii HB2520 amends the Internal Revenue Code sections 41 and 280C(c) to remove the $15 million cap on credits for qualified research expenses. This change allows businesses to take credit for all qualified research expenses without regard to the previous cap. The Department of Business, Economic Development, and Tourism will certify credits on a first-come, first-served basis. If the annual amount of certified credits reaches $15 million in the aggregate, the department must discontinue certifying credits and notify the Department of Taxation.