A legislative bill that would make major cuts to the state's high-technology tax credit failed to make it to the floor of both houses today after being sent back to a conference committee.

As proposed, the measure would temporarily cap Hawai'i's controversial tax credit program and limit the practice of allowing Mainland investors to transfer their tax credits to local investors.

Technology credit advocates which advocated less stringent cuts had criticized the bill, SB199, as being flawed and unconstitutional in retroactively applying restrictions to investments made before its enactment.

The bill has been recommitted to the conference committee for further review, after which it could again be put up for a final vote.