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HI HB1343
Bill
Status
1/25/2017
Primary Sponsor
Joseph Souki
Click for details
AI Summary
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Excludes a specified amount of income earned by farmers from Hawaii state income taxation, with the farmer's gross income capped at a specified threshold.
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Defines "farmer" as an individual earning more than 75% of gross income from farm products as described in section 205-4.5(a)(1), (2), and (3).
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Applies to taxable years beginning after December 31, 2016, as part of economic diversification efforts to address Hawaii's agricultural trade imbalance.
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Amends Hawaii Revised Statutes section 235-7(a) to add the new tax exclusion for qualifying farmers to existing income exclusions.
Legislative Description
Relating To Farms.
Agriculture
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Holt, Souki excused (3).
2/16/2017