Increases the annual cap on Hawaii's research activities tax credit from $5,000,000 to $15,000,000 and removes the federal base-amount calculation.

This bill amends Hawaii's research activities tax credit to allow taxpayers to claim credits for all qualified research expenses without reduction for prior-year spending. It increases the annual statewide cap from $5,000,000 to $15,000,000 to meet demand and support economic growth. The bill aims to attract and retain technology companies, create high-paying jobs, and diversify Hawaii's economy. The changes will take effect for taxable years beginning after December 31, 2025.

Increases the annual cap on Hawaii's research activities tax credit from $5,000,000 to $15,000,000 and removes the federal base-amount calculation.

This bill amends Hawaii's research activities tax credit to allow taxpayers to claim credits for all qualified research expenses without reduction for prior-year spending. It increases the annual statewide cap from $5,000,000 to $15,000,000 to meet demand and support economic growth. The bill aims to attract and retain technology companies, create high-paying jobs, and diversify Hawaii's economy. The changes will take effect for taxable years beginning after December 31, 2025.