HI SB2992

Establishes the Hawaii Agricultural Investment Program within the Department of Agriculture to provide matching grants supporting local food production and reduce Hawaii's dependence on imported food.

Awards matching grants for agricultural expansion including increasing production capacity, acquiring land, improving irrigation systems, purchasing equipment, conducting market research, marketing local products, and converting egg farms to cage-free operations.

Requires the Department of Agriculture to submit annual reports to the legislature detailing all expenditures, targeted markets, persons served, and measurable outcomes of the program.

Appropriates funds for fiscal year 2022-2023 with a requirement that the State provides 75 percent of funding while federal, private, and other sources provide 25 percent.

Takes effect July 1, 2050, with appropriated funds remaining available through June 30, 2024.