Two things I discovered recently: -The fact that the tax credit is given over five years obviously means that it's not actually worth 100% of your money. Furt

Two things I discovered recently: -The fact that the tax credit is given over five years obviously means that it's not actually worth 100% of your money. Furthermore, you can't claim your state payments as a deduction for your federal taxes. An Act 221 business told me that it amounts to more like a 50% credit, all that considered. -If you are working on an independent programming project and you pay Hawaii state taxes, I've been told that you can incorporate, invest in your company, pay yourself that amount of money, then claim a 221 credit for your payment. You get 35% of your investment as a credit the first year, so a good amount to invest would be about triple your expected state tax liability.