HI HB2458

Establishes a general excise tax rate of one-half of one percent on all gross proceeds from the sale of products produced by Hawaiian loko i'a (traditional Hawaiian fishponds).

Defines "Hawaiian loko i'a" as the traditional aquacultural system practiced by ancient Hawaiians, including loko kuapa (reef enclosures), loko umeiki (permanent fish-trap structures), and loko pu'uone (sand-enclosed ponds).

Applies to fishponds built outside Hawaii and excludes fishponds designed or constructed for purposes other than traditional loko i'a management and culture.

Reduces the normal general excise tax burden on Hawaiian fishpond products to promote cultivation of these environmentally sustainable aquacultural enterprises and support local food production and employment.

Takes effect July 1, 2050.