HI SB339

Clarifies that taxpayers may claim the important agricultural land qualified agricultural cost tax credit no earlier than the third taxable year after applying to the department of agriculture for first-year certification, rather than the year after incurring costs.

Extends the expiration date for the department of agriculture to certify new credits from December 31, 2021, to December 31, 2030.

Allows taxpayers with accumulated but unclaimed certified credits to continue claiming them in subsequent taxable years even after the certification period ends.

Tax credit amounts remain unchanged at 25% (capped at $625,000), 15% (capped at $250,000), and 10% (capped at $125,000) for years one, two, and three of claiming, based on qualified agricultural costs incurred after July 1, 2008.

Effective July 1, 2050, and applies to taxable years beginning after December 31, 2021.