HOUSE OF REPRESENTATIVES	H.B. NO.	1014
TWENTY-NINTH LEGISLATURE, 2017
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO THE IMPORTANT AGRICULTURAL LAND QUALIFIED AGRICULTURAL COST TAX CREDIT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The purpose of this Act is to extend by ten years the important agricultural land qualified agricultural cost tax credit that will expire in the 2017 tax year. This additional time is to allow landowners and farmers to claim the tax credit in the event their agricultural lands are identified as potential important agricultural lands and designated as such by the land use commission. 

     SECTION 2.  Section 235-110.93, Hawaii Revised Statutes, is amended by amending subsection (l) to read as follows:

     "(l)  The department of agriculture shall cease certifying credits pursuant to this section after the [fourth] fourteenth taxable year following the taxable year during which the credits are first claimed; provided that a taxpayer with accumulated, but unclaimed, certified credits may continue claiming the credits in subsequent taxable years until exhausted."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon approval.

INTRODUCED BY:	_____________________________
	BY REQUEST

Report Title:

Important Agricultural Land qualified agricultural costs tax credit

Description:

Extending by ten years the time period that the Department of Agriculture may certify important agricultural lands qualified agricultural costs.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.