THE SENATE	S.B. NO.	2074
TWENTY-NINTH LEGISLATURE, 2018
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 the period of time during which the department of agriculture may certify important agricultural land qualified agricultural cost tax credits. 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 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 Statutory material to be repealed is bracketed and stricken.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 upon its approval.

INTRODUCED BY:

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Report Title:

Important Agricultural Land Qualified Agricultural Cost Tax Credit; Extension

Description:

Extends through 2028 tax year the time that the department of agriculture may certify important agricultural lands qualified agricultural cost tax credits.

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