HI HB1151

Requires the Agribusiness Development Corporation to lease agricultural land under its control to eligible farmers and ranchers at $1 per year until agricultural use generates a profit.

Once farming operations become profitable, farmers and ranchers must pay annual supplemental lease rent equivalent to an unspecified percentage of net profit from agricultural product sales.

Exempts producers of agricultural products from general excise tax on amounts received from sales of products grown on lands leased under this program.

Allows the corporation to secure additional agricultural land from other state agencies (with governor approval) for purposes of leasing to farmers and ranchers.

Board of Agriculture must adopt necessary rules by September 1, 2022; effective July 1, 2021.