HI HB874

Extends the important agricultural land qualified agricultural cost tax credit through December 31, 2031 (previously set to expire December 31, 2021)

Modifies credit eligibility to require taxpayers to wait until the third taxable year after applying to the department of agriculture for first-year certification before claiming the credit

Maintains three-year credit structure with decreasing percentages: 25% of qualified agricultural costs (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 with accumulated but unclaimed certified credits to continue claiming them in subsequent years after the December 31, 2031 certification deadline

Applies to taxable years beginning after December 31, 2021