State Credit Name: Tax Credit for Research Activities
Expiration Date: December 31, 2019
Who Can Apply? Corporations and flow-through entities
Credit Carry Forward: Refundable credit so N/A
About the Credit: The credit rate is 20% and offsets the taxpayer’s income tax liability while following the Federal IRC Sec. 41 Research and Experimentation guidelines.
Notes: The taxpayer must have claimed and received the federal research tax credit to qualify for the Hawaii state research credit. Taxpayers must submit a written, certified statement providing the QRE’s in the prior taxable year and the amount of tax credits claimed by March 31st of each filing year.
Click here to find out if you qualify for the federal research tax credit.
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