Bill Text: HI SB2435 | 2022 | Regular Session | Amended


Bill Title: Relating To The Important Agricultural Land Qualified Agricultural Cost Tax Credit.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2022-03-10 - Referred to AGR, ECD, FIN, referral sheet 24 [SB2435 Detail]

Download: Hawaii-2022-SB2435-Amended.html

THE SENATE

S.B. NO.

2435

THIRTY-FIRST LEGISLATURE, 2022

S.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 legislature finds that the important agricultural land qualified agricultural 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.  Currently, the important agricultural land qualified agricultural cost tax credit is claimed over a three-year period.  The legislature further finds that the ability of taxpayers to claim the tax credit effectively expired when the department of agriculture's certification authority ended on December 31, 2021.

     Extending the important agricultural land qualified agricultural cost tax credit will provide additional time to allow landowners and farmers to claim the tax credit in the event that their agricultural lands are identified as potential important agricultural lands and subsequently designated as such by the land use commission.

     The purpose of this Act is to extend the expiration date of the department of agriculture's certification authority with regard to the important agricultural land qualified agricultural cost tax credit from December 31, 2021, to December 31, 2031.

     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;] 2031; 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  Statutory material to be repealed is bracketed and stricken.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, 2050, and shall apply to taxable years beginning after December 31, 2021.


 


 

Report Title:

Income Taxation; Important Agricultural Land Qualified Agricultural Cost Tax Credit; HDOA; Extension

 

Description:

Extends the time that the Department of Agriculture may certify the important agricultural land qualified agricultural cost tax credit from 12/31/2021 to 12/31/2031.  Effective 7/1/2050.  (SD1)

 

 

 

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

 

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