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Monday, February 6, 2012
HB2240: 50% Tax Credit for HQ Relocation to Hawaii
By News Release @ 10:02 PM :: 5514 Views :: Energy, Environment

WARD INTRODUCES A BILL TO ENCOURAGE BUSINESSES TO RELOCATE THEIR HEADQUARTERS TO HAWAII

News Release from House Republican Caucus

Rep. Gene Ward (R-Hawaii Kai – Kalama Valley) introduced HB 2240, which would offer a tax credit equal to 50 percent of the costs for a qualifying company to relocate its headquarters to Hawaii.

"Each headquarters that gets relocated to Hawaii means more high-paying, high-skill jobs for locals to apply for and more business for local companies to engage in to provide the products and services needed by those headquarters," Ward said.

Nonprofits may also benefit from such a move with an increase in charitable donations that can be attributed to the increased presence of highly-paid employees.

An increased presence of company headquarters would also help to establish Hawaii as a world-class destination for business.

The bill has been referred to the Committees on Economic Revitalization & Business, International Affairs, and Finance. Other states with a similar tax credit include Indiana, Mississippi, South Carolina, Tennessee, West Virginia and Wisconsin.

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