HI SB478

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.

Defines "farmer" as a person earning more than a specified percentage of annual gross income from the sale of farm products and value-added farm products grown, raised, or value-added by the person.

Defines "farm products" to include crops (vegetables, fruits, flowers, timber, bioenergy crops), livestock (poultry, bees, fish, aquatic life), and game and fish propagation, excluding products for personal use.

Amends Hawaii Revised Statutes Section 235-7(a) by adding a new paragraph (13) to establish this tax exclusion for farming activities.

Takes effect July 1, 2050, and applies to taxable years beginning after December 31, 2020.