HI SB783

Removes the contingency that tied the Important Agricultural Land Qualified Agricultural Cost Tax Credit to the expiration of an unrelated tax credit for aquarium and marine science facilities.

Expands "qualified agricultural costs" to include clearing, removal of trees and debris from, and soil restoration on former sugar and pineapple plantation lands out of agricultural use for more than five years.

Repeals the requirement that the Department of Agriculture cease certifying tax credits after the fourth taxable year following initial claims, allowing indefinite continuation of the credit program.

Maintains the annual cap of $7,500,000 in aggregate certified credits per taxable year and existing credit percentages (25%, 15%, and 10% for years one, two, and three respectively).

Applies to taxable years beginning after December 31, 2017.