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HI HB572
Bill
Status
1/23/2017
Primary Sponsor
Mark Nakashima
Click for details
AI Summary
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Removes the limited time period restriction for claiming the important agricultural land qualified agricultural cost tax credit, allowing taxpayers to claim credits indefinitely rather than only during a specified window.
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Adds land clearing, tree and debris removal, and soil restoration of former sugar and pineapple plantation lands unused for more than five years as eligible qualified agricultural costs for the tax credit.
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Maintains the annual aggregate cap of $7,500,000 in certified credits per taxable year, distributed on a first-come, first-served basis by the Department of Agriculture.
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Requires the Department of Taxation and Department of Agriculture to submit annual reports evaluating the tax credit's effectiveness and impact on agricultural business development.
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Takes effect July 31, 2150 (a date indicating this is likely a placeholder or technical issue in the legislation).
Legislative Description
Relating To Agriculture.
Important Agricultural Land qualified agricultural costs tax credit
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) Kobayashi, Oshiro excused (2).
2/15/2017