HI HB2190

Clarifies that taxpayers may claim the important agricultural land qualified agricultural cost tax credit no earlier than the third taxable year after application for first-year certification, rather than immediately following the year costs were incurred.

Extends the Hawaii Department of Agriculture's authority to certify the tax credit from December 31, 2021, to December 31, 2031.

Maintains the three-year credit structure with declining percentages: 25% (capped at $625,000) in year one, 15% (capped at $250,000) in year two, and 10% (capped at $125,000) in year three.

Allows taxpayers to incur qualified agricultural costs in anticipation of future credit claims and to claim credits in consecutive or non-consecutive taxable years until exhausted.

Applies to taxable years beginning after December 31, 2021.