HI SB2353

Creates an income tax exclusion for farmers equal to the lesser of a specified percentage or dollar amount of federal adjusted gross income earned from farming activities.

Defines "farmer" as an individual earning more than a specified percentage of their federal adjusted gross income from the sale of farm products and value-added farm products.

Defines "farm products" to include crops (vegetables, fruits, flowers, timber, bioenergy crops), livestock (poultry, fish, bees), and game/fish propagation, but excludes products for personal use.

Disallows deduction of ordinary and necessary business expenses incurred in producing the excluded farm income under Section 162 of the Internal Revenue Code.

Effective July 1, 2050 and applies to taxable years beginning after December 31, 2021; specific percentage and dollar amount thresholds are blank in the bill text.