HI SB2795

Establishes the agricultural land acquisition fund under Chapter 141, Hawaii Revised Statutes, to be managed at the sole discretion of the board of agriculture chairperson for acquiring, administering, maintaining, and managing agricultural lands.

Amends the environmental response, energy, and food security tax under section 243-3.5 to reallocate 10 cents per barrel of the $1.05 tax on petroleum products (other than aviation fuel) from the general fund to the new agricultural land acquisition fund.

Maintains existing allocations of the barrel tax: 5 cents to environmental response revolving fund, 15 cents to energy security special fund, 10 cents to energy systems development special fund, and 15 cents to agricultural development and food security special fund.

Addresses Hawaii's constitutional mandate to conserve and protect agricultural lands by providing dedicated funding following closures of major agricultural operations and the availability of former agricultural land for sale.

Takes effect July 1, 2016.