Bill Text: HI SB2729 | 2018 | Regular Session | Introduced
Bill Title: Relating To The Important Agricultural Land Qualified Agricultural Cost Tax Credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-24 - Referred to AEN, WAM. [SB2729 Detail]
Download: Hawaii-2018-SB2729-Introduced.html
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THE SENATE |
S.B. NO. |
2729 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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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 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 Statutory material to be repealed is bracketed and stricken.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 approval.
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INTRODUCED BY: |
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BY REQUEST |
Report Title:
Important Agricultural Land Qualified Agricultural Costs Tax Credit
Description:
Extending through the 2028 tax year, the time that the Department of Agriculture may certify important agricultural lands qualified agricultural costs.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
