HI HB1241

Removes the annual cap amounts on the important agricultural land qualified agricultural cost tax credit, allowing taxpayers to claim 25% of qualified agricultural costs in year one, 15% in year two, and 10% in year three without dollar limits.

Extends the deadline for the Department of Agriculture to certify credits from December 31, 2021 to December 31, 2030, allowing taxpayers with accumulated unclaimed certified credits to continue claiming them in subsequent years.

Applies to taxable years beginning after December 31, 2020.

Aims to increase utilization of the tax credit by removing barriers that prevented agricultural entities from accessing incentives for establishing agricultural infrastructure on important agricultural lands.