H.B. 343 - Small Craft Beer Producer Tax Credit

• Establishes a tax credit equal to 25% of qualified expenses incurred by small craft beer producers, with a maximum credit of $100,000 per taxpayer per taxable year.

• Total annual tax credits across all qualified taxpayers capped at $1,000,000 per taxable year.

• Qualified taxpayers must hold a class 1 manufacturer license for malt beverages, class 14 brewpub license, or class 18 small craft producer pub license and produce 100% of beer products in Hawaii.

• Requires taxpayers to submit certified statements to the Department of Business, Economic Development, and Tourism by March 31 each year identifying qualified expenses and tax credits claimed.

• Tax credit applies to taxable years beginning after December 31, 2019, and expires for taxable years beginning after December 31, 2023; appropriates $1,000,000 to the Department of Business, Economic Development, and Tourism for fiscal year 2019-2020 to administer the program.