HOUSE OF REPRESENTATIVES |
H.B. NO. |
2224 |
TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
|
STATE OF HAWAII |
|
|
|
|
|
|
||
|
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] means a business,
employing or owning capital or property, or maintaining an office, in this
State that:
[(A)] (1) Conducts more than
fifty per cent of its activities in performing qualified research in this
State; or
[(B)] (2) Receives more than
fifty per cent of its gross income derived from qualified research; provided
that the income is received from:
[(i)] (A) Products sold from,
manufactured in, or produced in the State; or
[(ii)] (B) 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) 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 Statutory material to be repealed is bracketed and stricken.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 on July 1, 2112.
Report Title:
Hawaii Technology Investment Program; Qualified High Technology Business; Exemptions from Eligibility
Description:
Amends the definition of "qualified high technology business" to remove exclusions of various businesses from eligibility from participation in the Hawaii Technology Investment Program. (HB2224 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.