HI HB1241

Removes dollar amount caps on the important agricultural land qualified agricultural cost tax credit for the first three years of a project, allowing taxpayers to claim 25% of qualified agricultural costs in year one, 15% in year two, and 10% in year three without limitation.

Extends the department of agriculture's authority to certify credits from December 31, 2021 to December 31, 2030, allowing nine additional years for new projects to qualify.

Permits taxpayers to incur qualified agricultural costs in anticipation of future claims and to claim credits in consecutive or non-consecutive taxable years until exhausted.

Applies to taxable years beginning after December 31, 2020.

Aims to increase agricultural infrastructure investment and improve long-term viability of agricultural operations on important agricultural lands in Hawaii.