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HI SB837
Bill
Status
3/5/2019
Primary Sponsor
Gil Keith-agaran
Click for details
AI Summary
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Creates an income tax exclusion for farmers equal to the lesser of a specified percentage or dollar amount of gross annual income earned from farming activities.
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Defines "farmer" as an individual earning more than a specified percentage of annual gross income from farm products and value-added farm products grown, raised, and sold within Hawaii.
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Defines "farm products" as production from agricultural activities under HRS section 205-4.5(a)(1), (2), and (3), excluding farm products for personal use.
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Applies to taxable years beginning after December 31, 2018, with an effective date of July 1, 2150.
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Aims to encourage small and diversified farming businesses to help address Hawaii's agricultural trade imbalance and diversify the state economy.
Legislative Description
Relating To Farms.
Farmers
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) Belatti, Yamane excused (2).
3/20/2019