QHTBQualified High Technology Business
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Ever since Act 221 was first introduced, practically anyone involved with the tax incentive program, including investors and the QHTBs themselves, has garnered unwanted criticism.
Investor-controlled Yes: Has created them for two QHTB reserve accounts companies to slow burn rate with two conditions: 1) solvency and 2) QHTB compliance.
But they can transfer their credits to Hawaii investors, usually in return for a larger stake in the QHTB.
Say, for instance, a Mainland investor provides a QHTB with $2 million.
Cayetano also pushed to beef up the law's recapture clause, which allows the state to penalize an investor if he sells his interest in the company or the firm no longer qualifies as a QHTB.
QHTBs can qualify under several categories: software, biotechnology, sensor and optic technology, ocean sciences, astronomy, alternative-energy technology or performing arts.