STAND.
COM. REP. NO. 1933-18
Honolulu, Hawaii
, 2018
RE: S.B. No. 783
S.D. 2
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Twenty-Ninth State Legislature
Regular Session of 2018
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 783, S.D. 2, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO AGRICULTURE,"
begs leave to report as follows:
The
purpose of this measure is to
assist farmers and encourage greater growth of the State's agricultural
industry through expanding the period of applicability of and eligible costs
which may be claimed under the Important Agricultural and Qualified
Agricultural Cost Tax Credit by:
(1) Repealing obsolete language that conditions
the availability of the Tax Credit upon the repeal, exhaustion, or expiration
of a different, unrelated tax credit;
(2) Expanding the definition of "qualified
agricultural costs" eligible for deduction from a taxpayer's net income
tax liability to include expenditures for the clearing of, removal of trees and
debris from, and soil restoration to correct any nutrient deficiency that is
present on, former sugar and pineapple plantation lands that have been out of
agricultural use for more than five years and are to be used primarily for
agricultural purposes; and
(3) Repealing the requirement that the Department of Agriculture (DOA) cease certifying credits after 2017.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 783, S.D. 2, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ SYLVIA LUKE, Chair |
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