HI SB2432

Establishes a food manufacturer tax credit allowing qualified taxpayers to deduct qualified expenses from net income tax liability, up to a maximum of $100,000 per taxpayer per taxable year.

Defines "qualified taxpayer" as a food manufacturer producing value-added processed, agricultural, or food products, and "qualified expenses" as costs for purchase, maintenance, or improvement of food manufacturing equipment and facilities.

Caps total tax credits at $10,000,000 annually across all qualified taxpayers; taxpayers unable to claim credits due to the cap may claim them in subsequent taxable years.

Requires taxpayers to submit written certified statements to the board of agriculture by March 31 each year identifying qualified expenses and credit amounts, with the board responsible for verifying expenses and issuing certificates.

Applies to taxable years beginning after December 31, 2024; excess credits over tax liability may be carried forward to subsequent years; taxpayers claiming this credit cannot qualify for the same expenses under the manufacturing development program.