I heard that it’s impossible to find out what companies are benefitting from Act 221. Shouldn’t there be more transparency?
The legislature has already made changes to Act 221 to offer greater transparency. In 2007 they passed a law – Act 206 – to measure the effectiveness of the high technology business investment tax credits. Act 206 requires businesses that accept investments for which the credits can be claimed, to complete and file a survey with the state. As a result the state keeps a list of those companies and annually assesses the effectiveness of Act 221. This tight oversight gives the entire community a close view of how well an important stimulus plan is working, year by year. This list is available on page 85 of the Hawaii Department of Taxation report prepared for the legislature and is on its website.
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