HOUSE OF REPRESENTATIVES	H.B. NO.	2277
THIRTIETH LEGISLATURE, 2020		H.D. 1
STATE OF HAWAII		S.D. 1

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 important agricultural land qualified agricultural cost tax credit that will expire at the end of the 2021 tax year. The important agricultural land qualified cost tax credit supports food self-sufficiency by providing tax credits to qualified landowners and farmers to help offset costs related to establishing and sustaining viable agricultural operations. This extension will provide additional time 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 for taxable years beginning after December 31, [2021;] 2030; 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 Statutory material to be repealed is bracketed and stricken.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 1, 2020.

Report Title:

Important Agricultural Land Qualified Agricultural Costs Tax Credit

Description:

Extends the time that the Department of Agriculture may certify important agricultural lands qualified agricultural costs for purposes of the important qualified agricultural costs tax credit through the 2030 tax year. Effective 7/1/2020. (SD1)

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