HI HB2668

Creates a livestock feed tax credit for taxable years beginning after December 31, 2011 and ending before January 1, 2013.

Creates a livestock feed development tax credit for taxable years beginning after December 31, 2012 and ending before January 1, 2015.

Establishes a tax credit of up to 15 percent of the important agricultural land qualified agricultural cost tax credit for drought mitigation projects on those lands, effective for taxable years beginning December 31, 2011 through January 1, 2021.

Reduces the aggregate important agricultural land qualified agricultural cost tax credit cap from $7,500,000 to $5,000,000 per year for taxable years ending before January 1, 2013, then raises it to $7,000,000 per year for taxable years beginning after December 31, 2012 through January 1, 2016.

Appropriates funds to the Department of Agriculture and Department of Taxation for staffing and implementation expenses related to the new and amended tax credits.