H.B. 947 Summary

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

• Tax credit equals qualified expenses (costs for purchase, maintenance, or improvement of food manufacturing equipment and facilities) up to a maximum amount to be determined (bill contains blanks for specific dollar limits).

• Board of Agriculture must verify and certify qualified expenses and tax credit amounts, with taxpayers required to submit annual written statements by March 31 and file certificates with tax returns.

• Taxpayers cannot claim both this tax credit and grants under the manufacturing development program for the same expenses; unused credits can be carried forward to subsequent years.

• Applies to taxable years beginning after December 31, 2023, with an effective date of June 30, 3000.