HI HB330

Increases the state general excise tax rate by 1 percentage point (from 4% to 5%) on retailers, contractors, amusement businesses, service providers, and other business categories for a 2-year period beginning July 1, 2015.

Maintains the 0.5% tax rate for manufacturers, wholesalers, and producers to avoid double taxation on goods moving through the supply chain.

Creates a new "Acquisition of Agricultural Lands Trust Fund" to receive revenue from the increased general excise tax beginning July 1, 2015.

Authorizes the Agribusiness Development Corporation to make payments from the trust fund for acquiring agricultural lands, with funds not subject to transfer to the general fund.

Sunsets the 1% tax increase on June 30, 2017, unless extended by the legislature, reverting tax rates to their original levels.