HOUSE OF REPRESENTATIVES	H.B. NO.	2302
TWENTY-NINTH LEGISLATURE, 2018		H.D. 1
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 expired at the end of 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 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 taxable year following the taxable year during which the credits are first claimed;] for taxable years beginning after December 31, 2028; 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 Statutory material to be repealed is bracketed and stricken.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 on July 31, 2150.

Report Title:

Important Agricultural Land Qualified Agricultural Costs Tax Credit

Description:

Extends through the 2028 tax year, the important agricultural land qualified agricultural cost tax credit. (HB2302 HD1)

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