HI HB874

Extends the important agricultural land qualified agricultural cost tax credit certification deadline from December 31, 2021 to December 31, 2031.

Delays when taxpayers can claim the tax credit to the third taxable year after applying to the department of agriculture for first-year certification, rather than allowing claims in any year after incurring costs.

Maintains the three-tier credit structure: 25% of qualified agricultural costs (up to $625,000) in year one, 15% (up to $250,000) in year two, and 10% (up to $125,000) in year three.

Allows taxpayers to claim accumulated certified credits in subsequent taxable years after the certification deadline ends, even after December 31, 2031.

Applies to taxable years beginning after December 31, 2021, and supports food self-sufficiency by helping landowners and farmers offset costs for establishing and sustaining agricultural operations on important agricultural lands.