Department Of Taxation Announcement No. 2004-15 - Hawaii Department Of Taxation (Page 2 of 2) in pdf

Department Of Taxation Announcement No. 2004-15 - Hawaii Department Of Taxation Page 2

Department of Taxation Announcement 2004-15

August 11, 2004

Page 2

Section 7 of Act 215 amends HRS section 235-110.51 to extend the sunset date of the

technology infrastructure renovation tax credit to December 31, 2010, while making no other

changes to that credit provisions.

Section 8 of Act 215 amends HRS section 235-110.9, by requiring taxpayers to submit

certain information to the Department for purposes of certifying claimed tax credit amounts.

Presumptions that apply to a multiple

partnership allocation of the high technology business

investment tax credit are also established. The sunset date of this credit is also extended to

December 31, 2010.

Section 9 of Act 215 amends HRS section 235-110.91, by limiting credit eligibility to

qualified high technology businesses, as defined in HRS section 235-110.9, requiring the

Department to maintain certain records concerning the credit and certify the amounts claimed,

and extending the sunset date to December 31, 2010.

Sections 10 and 11of Act 215 amend section 10, Act 197, Session Laws of Hawaii 2000,

and section 13, Act 221, Session Laws of Hawaii 2001, respectively, by deleting language that

requires the Department to liberally construe the high technology tax incentives contained in

these Acts.

Section 12 of Act 215 amends section 66, Act 178, Session Laws of Hawaii 2003, by

deleting the provision stating that balances in the Hawaii strategic development corporation

revolving fund shall lapse to the general fund. This section takes effect on June 30, 2004.

All other provisions of Act 215 take effect on July 1, 2004, provided that any high

technology comfort rulings issued prior to the effective date of this Act will not be subject to

additional restrictions imposed by this Act.

Current forms and other tax information are available at the Department's website at:

If you know which tax form or publication you need, please call the

Department's request line at 808-587-7572, or toll-free from the neighbor islands and continental

U.S. at 1-800-222-7572. This service is available 24 hours a day, 7 days a week.

KURT KAWAFUCHI

Director of Taxation

HRS Sections Explained: HRS sections 211F-3, 211F-4, 235-A, 235-B, 235-7.3, 235-110.51,

235-110.9, and 235-110.91.

"Multiple" refers to the ratio of credit dollars allocated to a particular taxpayer to the cash investment actually

made by the same taxpayer.

Department Of Taxation Announcement No. 2004-15 - Hawaii Department Of Taxation Page 2