HI HB1522

Establishes a diversified farming business investment tax credit allowing taxpayers to claim credits of 35% (year one), 25% (year two), 20% (year three), and 10% (years four and five) of qualified investments, with annual maximums of $700,000, $500,000, $400,000, $200,000, and $200,000 respectively.

Permits tax credit assignment to other parties, with assignments being irrevocable, and allows unused credits to carry forward to subsequent years until exhausted.

Requires businesses to derive more than 80% of gross income from sustainable agricultural operations conducted in Hawaii to qualify for the credit.

Implements recapture provisions that require taxpayers to repay 10% of total credits claimed in the preceding two years if the business ceases to qualify, is sold, or if the investment is withdrawn during the five-year credit period.

Directs the Department of Agriculture to certify all qualifying investments and maintain records, with annual reporting to the legislature beginning in 2019; credit certification ceases once annual aggregate credits reach a specified cap (amount left blank in bill text).