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Legislative Deal Suspends HI High-Tech Tax Credits for 3 Years

April 14, 2010

Saving the state an estimated $93 million a year, Hawaii House and Senate negotiators agreed to suspend the High-Tech Tax Credit, known as Act 221, for three years, reports the Honolulu Advertiser. Lawmakers also agreed to repeal the tax credits in May rather than at the end of December, the article states. The tax credits, available for equity investments in qualified high-tech companies, were established to provide seed funding for technology and entertainment projects. Controversy over the effectiveness of the tax credits resulted in several revisions aimed at tightening restrictions over the past decade. Just last year, lawmakers passed a bill capping the tax credits for investors at 80 percent. The bill became law without Gov. Linda Lingle's signature (see the Aug. 12, 2009 issue of the Digest). The corresponding bills to suspend the credits are HB 2962 and SB2401.

Hawaiistate revenue