HI HB2913

Imposes a $500 per acre surcharge on agricultural land lessors who charge rent exceeding 10% annually of the derated agricultural property tax value.

Applies only to land officially taxed as agricultural by the county real property assessment division, excluding land producing local food crops, bioenergy crops, and parcels under 50 acres.

Lessor bears responsibility for payment of the surcharge to the State, with all standard tax chapter provisions and director of taxation enforcement powers applicable.

Imposes penalties including 10% addition to surcharge for failure to file required schedules, consistent with section 231-39 penalties for failure to file tax returns.

Effective for taxable years beginning after December 31, 2010, with special short-period annual return requirements for fiscal year taxpayers transitioning to the new tax year.