HI HB1447

Establishes a non-refundable income tax credit for taxpayers who preserve native plants on their land, equal to $1,000 multiplied by the percentage of land occupied by native plants.

Requires a minimum of 20 percent of a taxpayer's land to be occupied by native plants to qualify for the credit.

Caps total annual credits at $2,000,000 across all qualified taxpayers, with ineligible taxpayers in a given year able to claim credits in subsequent years.

Requires the Department of Land and Natural Resources to certify the percentage of native plant coverage and may assess fees to offset certification costs; Director of Taxation must prepare necessary forms and may adopt administrative rules.

Appropriates funds to the Department of Land and Natural Resources for fiscal years 2023-2024 and 2024-2025 to implement the credit program; Act becomes effective June 30, 3000 and applies to taxable years after December 31, 2022, with automatic repeal on June 30, 2028.