Examples of QHTB in a sentence
Furthermore, by accepting an investment for which an investment credit allowed under section 235-110.9, HRS may be claimed, the QHTB is deemed by statute to have consented to the public disclosure of the Company's name and status as a beneficiary of the investment credit.
If a QHTB accepts any investments after June 30, 2007, the QHTB is required to file an annual survey as described in Act 206 (Session Laws of Hawaii, 2007).
Under the Activity Test, a company is a QHTB if more than 50% of its total business activities are qualified research and more than 75% of such qualified research is conducted in Hawaii.
Under the Gross Income Test, a company is a QHTB if more than 75% of its gross income is derived from qualified research in the form of either (i) products sold from, manufactured in, or produced in Hawaii, or (ii) services performed in Hawaii.
Activity Test and Gross Income Test Under § 235-110.9, HRS, in order for a company performing qualified research to meet the definition of a QHTB, it must be a business employing or owning capital or property, or maintaining an office, in the State of Hawaii.
Based solely on the Representations, the Company qualifies as a QHTB for purposes of the tax benefits identified above in Paragraph 1.
The credit cannot be claimed in the year of a recapture event because investors do not have an investment in a QHTB.
This definition of a QHTB for purposes of § 235-110.9 differs from the definition of a QHTB in § 235- 7.3, HRS, which is discussed in Part II of this letter.
Credit Recapture Section 235-110.9(d), HRS, provides for recapture of credits that have been claimed by a taxpayer where one of the following three events occurs (recapture event): (1) The business no longer qualifies as a QHTB;(2) The business or an interest in the business has been sold by the taxpayer investing in the QHTB;(3) The taxpayer has withdrawn the taxpayer’s investment wholly or partially from the QHTB.
If another person contracts with the Company to have the Company perform qualified research, the research will not qualify as research performed by the Company for the purpose of determining the Company's status as a QHTB if the above requirements have been met in favor of the other person, even if the other person is not a QHTB.