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  Statutory material to be repealed is bracketed and stricken.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)

 

 

 

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