HI High-Tech Tax Credits Remain Intact Following Veto

Citing further damage to the state's reputation as a place to do business, Lt. Gov. James "Duke" Aiona, vetoed SB 2401, a measure to suspend Hawaii's high-tech tax credit, which provides a 100 percent refundable tax credit for investments in qualified high-tech businesses. Lt. Gov. Aiona also challenged the legislature's assertion that the bill would have saved the state $93 million a year, stating that it was uncertain whether revenues from the measure could have been counted toward the state budget because a number of investors and businesses likely were to challenge the measure in court if it became law, according to a press release. Lt. Gov. Aiona is acting governor while Gov. Linda Lingle travels overseas. Read the veto letter: http://hawaii.gov/ltgov/news/files/2010/SB2401%20-%20SOBJ.pdf