HI SB3090

Establishes an agricultural production tax credit allowing qualified taxpayers to deduct qualified agricultural expenses from their net income tax liability, up to a maximum amount (specific dollar limit not filled in the draft).

Creates an annual cap on total tax credits available to all qualified taxpayers in any taxable year (specific amount not filled in the draft), with carryover provisions for taxpayers unable to claim credits due to the cap being exceeded.

Requires qualified taxpayers to submit written, certified statements to the board of agriculture by March 31 each year identifying qualified expenses and tax credits claimed in the previous taxable year.

Assigns the board of agriculture responsibility to maintain records, verify qualified expenses, and issue certificates to taxpayers; allows the board to assess fees to offset certification costs.

Permits unused tax credits to carry forward to subsequent years until exhausted, with all claims required to be filed within twelve months following the close of the taxable year; effective July 1, 2050 for taxable years beginning after December 31, 2020.