HOUSE OF REPRESENTATIVES |
H.B. NO. |
2224 |
TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to high technology.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 211F-51, Hawaii Revised Statutes, is amended by amending the definition of "qualified high technology business" to read as follows:
""Qualified high technology business":
(1) Means a business, employing or owning capital or property, or maintaining an office, in this State that:
(A) Conducts more than fifty per cent of its activities in performing qualified research in this State; or
(B) Receives more than fifty per cent of its gross income derived from qualified research; provided that the income is received from:
(i) Products sold from, manufactured in, or produced in the State; or
(ii) Services performed in this State.
(2) Does not include:
(A) Any trade or business involving the performance of services in the field of law, architecture, accounting, actuarial science, consulting, athletics, financial services, or brokerage services;
(B) Any banking, insurance, financing, leasing,
rental, investing, or similar business; any farming business, including the
business of raising or harvesting trees; any business involving the production
or extraction of products of a character with respect to which a deduction is
allowable under section 611 (with respect to allowance of deduction for
depletion), 613 (with respect to basis for percentage depletion), or 613A (with
respect to limitation on percentage depleting in cases of oil and gas wells)
of the Internal Revenue Code;
[(C) Any business operating a hotel, motel, restaurant, or
similar business;] and
[(D)] (C) Any trade or
business involving a hospital, a private office of a licensed health care
professional, a group practice of licensed health care professionals, or a
nursing home."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
INTRODUCED BY: |
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Report Title:
Hawaii Technology Investment Program; Qualified High Technology Business; Hotel; Motel; Restaurant
Description:
Amends the definition of "qualified high technology business" to include any business operating a hotel, motel, restaurant, or similar business under the Hawaii Technology Investment Program.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.