HI HB322

Creates an income tax credit for qualified taxpayers engaged in food manufacturing in Hawaii, deductible from net income tax liability.

Qualifying expenses include purchasing food manufacturing equipment, employee training on equipment use, improving energy efficiency in manufacturing, and studying/planning new food manufacturing facilities.

Individual taxpayer credit is capped at a maximum amount per taxable year (amount not specified in bill text), with an annual statewide cap on total credits (amount not specified), though taxpayers denied credits due to cap can claim them in subsequent years.

Requires qualified taxpayers to submit annual certified statements to the Board of Agriculture by March 31 identifying qualified expenses and tax credits claimed; Department of Agriculture must verify expenses and issue certificates to taxpayers for filing with tax returns.

Applies to taxable years beginning after December 31, 2020; excess credits over tax liability can be carried forward to subsequent years, and all claims must be filed within twelve months following the close of the taxable year.