HOUSE OF REPRESENTATIVES

H.B. NO.

188

TWENTY-SIXTH LEGISLATURE, 2011

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§235-     Credit for mentoring students participating in science, technology, engineering, and mathematics programs.  (a)  There shall be allowed to each corporation, including a corporation carrying on business in partnership, that is subject to the tax imposed by part IV of this chapter, a credit for mentoring students who participate in science, technology, engineering, and mathematics programs that shall be deductible from the corporation's net tax liability, if any, imposed by this chapter for the taxable year in which the credit is properly claimed.

     (b)  The amount of the credit shall be equal to one hundred per cent of the qualified costs of mentoring a student who participates in science, technology, engineering, and mathematics programs; provided that the qualified costs of each subsequent student after the first student shall be reduced by twenty per cent; provided further that mentoring participation shall not exceed five students per corporation in each taxable year.

     (c)  For purposes of this section:

     "Qualified costs" means any costs required for a student to participate in a science, technology, engineering, and mathematics program, including costs associated with internships and externships.

     "Science, technology, engineering, and mathematics program" means any:

     (1)  Program established pursuant to part IV or V of Act 111, Session Laws of Hawaii 2007;

     (2)  Environmental and Spatial Technology Initiative program; or

     (3)  Program in a state public school or college that focuses on science, technology, engineering, and mathematics.

     (d)  A tax credit under this section that exceeds the corporation's income tax liability may be used as a credit against the corporation's income tax liability in subsequent years until exhausted.

     (e)  All claims for credits under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credits may be claimed.  Failure to comply with the foregoing provision shall constitute a waiver of the right to claim the credit.

     (f)  The director of taxation may adopt rules under chapter 91 and prescribe any forms necessary to carry out this section."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval, and shall apply to taxable years beginning after December 31, 2010.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Tax Credit; Science, Technology, Engineering, and Mathematics

 

Description:

Provides a tax credit for corporate mentoring of students involved in science, technology, engineering, and mathematics programs in public schools and colleges.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.