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HI SB224

Bill

Official Source

Status

Introduced

1/23/2015

Primary Sponsor

Gil Keith-agaran

Click for details

Origin

Senate

2015 Regular Session

AI Summary

  • Excludes the first $50,000 of annual income from state income tax for farmers whose total annual gross income does not exceed $200,000
  • Defines "farmer" as an individual earning more than 75% of annual gross income from farm products sold within the State
  • Applies to taxable years beginning after December 31, 2014
  • Intended to encourage growth of small, diversified farming businesses and address Hawaii's agricultural trade imbalance by reducing tax burden on farmers
  • Amendments to section 235-7(a) Hawaii Revised Statutes are protected from repeal on January 1, 2018 per Act 220 provisions

Legislative Description

Economic Diversification; Agriculture; Farmer; Tax Exclusion

Last Action

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

2/19/2015

Committee Referrals

Ways and Means2/19/2015
Agriculture1/23/2015

Full Bill Text

No bill text available