Hawaii SB3283 modifies the research activities tax credit to remove the federal base-amount calculation and increase the annual cap.

Hawaii SB3283 aims to diversify the state's economy by encouraging research and development activities. The bill removes the federal base-amount calculation for the research activities tax credit and increases the annual cap to $5,000,000. This change is intended to attract and retain technology companies, create high-paying jobs, and foster innovation. The Department of Business, Economic Development, and Tourism will certify credits on a first-come, first-served basis, and the Department of Taxation will ensure the aggregate amount of credits claimed does not exceed the cap.

Hawaii SB3283 modifies the research activities tax credit to remove the federal base-amount calculation and increase the annual cap.

Hawaii SB3283 aims to diversify the state's economy by encouraging research and development activities. The bill removes the federal base-amount calculation for the research activities tax credit and increases the annual cap to $5,000,000. This change is intended to attract and retain technology companies, create high-paying jobs, and foster innovation. The Department of Business, Economic Development, and Tourism will certify credits on a first-come, first-served basis, and the Department of Taxation will ensure the aggregate amount of credits claimed does not exceed the cap.