HI HB1384

Creates an income tax credit equal to 50 percent of qualified expenses for food manufacturing businesses in Hawaii, with a maximum annual credit per taxpayer (amount left blank in bill text).

Establishes an annual statewide cap on total tax credits (amount left blank in bill text); taxpayers unable to claim credits when cap is reached may carry them forward to subsequent years.

Defines qualified expenses as costs for purchasing food manufacturing equipment, employee training, energy efficiency improvements, or planning new food manufacturing facilities.

Requires qualified taxpayers to file annual certified statements with the Department of Agriculture by March 31, identifying expenses and credits claimed; allows Department of Agriculture to assess fees to offset certification costs.

Applies to persons or entities engaged in food manufacturing in Hawaii that add at least 51 percent of wholesale value through manufacture, assembly, fabrication, or production within the State; effective June 30, 3000.