HB 1384 Summary

• Creates an income tax credit for qualified taxpayers engaged in food manufacturing in Hawaii, equal to 50% of qualified expenses up to a maximum annual amount per taxpayer (specific dollar amount not filled in bill).

• Defines qualified expenses as costs for purchasing food manufacturing equipment, employee training, improving energy efficiency in manufacturing, or studying/planning new food manufacturing facilities.

• Limits total tax credits across all qualified taxpayers in any taxable year (specific cap amount not filled in bill), with carryover eligibility for taxpayers unable to claim in the current year.

• Requires the Department of Agriculture to verify taxpayer qualifications, certify qualified expenses, and issue certificates to claimants; allows Department of Taxation to establish rules and require documentation.

• Takes effect June 30, 3000 (appears to be placeholder date).