HI SB783

Removes the contingency requirement that the Important Agricultural Land Qualified Agricultural Cost Tax Credit could only be claimed after another tax credit (for Ko Olina Resort and Makaha Resort facilities) was repealed, exhausted, or expired, making the credit immediately available.

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

Repeals the provision requiring the Department of Agriculture to cease certifying credits after the fourth taxable year (2017), allowing the tax credit program to continue indefinitely.

Maintains the $7,500,000 annual aggregate cap on certified credits and the tiered credit structure (25% in year one, 15% in year two, 10% in year three).

Applies to taxable years beginning after December 31, 2017.