Economic Incentives & Tax Credits
High impact incentives for small businesses in Hawaii
Hawaii warmly welcomes businesses seeking to expand or relocate here, providing generous incentives for establishing operations in the islands. In addition to the high quality of life, advantageous geographic location and multicultural environment, Hawaii has a robust entrepreneurial and innovation ecosystem, supportive tax climate, business friendly initiatives and resources. Business friendly initiatives like the Hawaii State Trade Expansion Program (HiSTEP) and programs to boost R&D, like the Hawaii Small Business Innovation Research Program (SBIR) make the Aloha State a great place for businesses to grow a company and export goods and services.
Top tax incentive programs for small and medium-sized businesses in Hawaii
Hawaii Small Business Innovation Research Program
Hawaii-based companies that receive federal Phase I feasibility study SBIR awards can apply for funds from HTDC’s Hawaii SBIR Matching Grant program.
Hawaii Enterprise Zone Program
The Enterprise Zones (EZ) Partnership Program gives State & County benefits to companies in an effort to stimulate business activity, job preservation, and job creation in areas where they are most appropriate or most needed.
Hawaii Manufacturing Assistance Program
HTDC’s Manufacturing Assistance Program Grant (MAP) offers Hawaii-based manufacturers up to a 20% reimbursement (up to $100,000) on qualified expenses to help Hawaii manufacturers become globally competitive.
Renewable Energy Technologies Income Tax Credit (RETITC)
The tax credit allows owners of photovoltaic (PV), wind-powered, or other renewable energy systems to earn a tax credit in Hawaii.
Fuel Tax Credit for Commercial Fisheries
A principal operator of a commercial fishing vessel, who files an individual or corporation income tax return for a taxable year, may claim a refundable credit for the fuel taxes paid on the purchase of liquid fuel.
Organic Foods Production Tax Credit
Each qualified taxpayer who incurs qualified expenses associated with the production or handling of organic foods may claim the organic foods production tax credit for the taxable year
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.