HI SB2565

Establishes a general excise tax exemption for farm equipment and machinery purchased by agricultural producers whose gross income for the previous taxable year did not exceed $200,000.

Defines "farm equipment and machinery" as implements, tools, machines, equipment, appliances, devices, or apparatus used in agricultural operations, excluding administrative/marketing property, supply items, clothing, and items for resale.

Requires the director of taxation to adopt rules pursuant to chapter 91 to implement the exemption.

Applies to taxable years beginning after December 31, 2019, with an effective date of July 1, 2050.

Includes a sunset provision requiring repeal on an unspecified future date (blank in the bill text).