HI HB947

Establishes an income tax credit for qualified food manufacturers that produce value-added processed, agricultural, or food products in Hawaii.

Allows qualified taxpayers to claim a credit equal to qualified expenses (costs for purchasing, maintaining, or improving food manufacturing equipment and facilities) up to a maximum amount to be specified.

Requires taxpayers to submit certified statements annually to the board of agriculture detailing qualified expenses and credit amounts claimed before March 31 of each year.

Board of agriculture must maintain records, verify expenses, and issue certificates to taxpayers for filing with tax returns; taxpayers cannot claim the same expenses under both this credit and the manufacturing development program grant.

Applies to taxable years beginning after December 31, 2023; excess credits may be carried forward to subsequent years until exhausted; credit claims must be filed within 12 months following the close of the taxable year.