HI SB1315

Establishes a food manufacturing tax credit under Chapter 235 of the Hawaii Revised Statutes for qualified taxpayers producing value-added products using local crops.

Allows qualified food manufacturers to claim an income tax credit equal to their qualified expenses, with a maximum credit amount and aggregate annual cap (specific dollar amounts left blank in bill text).

Requires taxpayers to submit certified statements to the board of agriculture by March 31 each year identifying qualified expenses and tax credits claimed in the previous taxable year.

Grants the board of agriculture authority to verify qualified expenses, maintain records, and issue certificates to taxpayers; allows the board to assess fees to offset certification costs.

Permits unused tax credits to carry forward to subsequent taxable years if they exceed the taxpayer's net income tax liability; requires all credit claims to be filed within twelve months following the close of the taxable year or the right to claim is waived.

Applies to taxable years beginning after December 31, 2021.