Urgent Call to Action: Call Your Reps Monday 4/5/2010 to Save High Tech Investment Tax Credit

SB2401 and SB2001 deferring and repealing the High Tech Investment Tax Credit may be approved by the legislature this week if we do not take immediate action to make our voices heard.

I am writing to urge you to personally take action by calling your representatives on Monday to register your Strong Opposition to these retroactive changes.

SB2401 - If this bill becomes law you will not be able to claim your high tech investment tax credits, for any investment made from 2006 to present, until the 2013 tax year.  

SB2001 - If this bill becomes law the high tech investment tax credit will be repealed effective May 1st.

These bills resurfaced late this last week and need to be addressed immediately.  Please assume that no one else knows about these last minute threats to the investment tax credit and distribute this Call to Action to anyone else you know who may be impacted.   

See below for more links to more detailed information.  YOUR URGENT ACTION IS NEEDED NOW. Please call or write to me if you need more help.

Don’t know who represents you?  Click here: http://j.mp/5Bxgwv

All Representatives:  E-mail reps@Capitol.hawaii.gov

All Senators:  E-mail sens@Capitol.hawaii.gov

SB2401 SD1 HD1
http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?...

Description:  Suspends temporarily the claiming of the technology infrastructure renovation and high technology business investment tax credits. (SB2401 HD1)

Some key points you might consider making are shown below and you can find the letter I sent to all Senators & Representatives here http://j.mp/aq5SCH

§  The proposed law would punish investors who made their investments in good faith based on the laws in place at that time.

§  The proposed law upsets the long-settled tax planning of thousands of investors.

§  The burden of both the past investment and now the taxes that will be due, may be too much for some investors to bear, forcing additional hardship on people and companies during these already difficult times.

§  Future growth is promoted by businesses and investors being able to rely on laws without the threat of retroactive suspensions or repeals.


SB2001 SD1 HD1
http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?...

Description:  Extends the tax credit for research activities for one year. Repeals the technology infrastructure and high technology business investment tax credits effective May 1, 2010. (SB2001 HD1)

Some key points you might consider making:

§  The proposed law will eliminate jobs at dozens of local start-ups by upsetting their financing plans.  Those plans were adjusted last year when the law was modified and the 12/31/2010 sunset date was reconfirmed.

§  Future growth is promoted by businesses and investors being able to rely on laws without the threat of retroactive suspensions or repeals.