HI SB3302

Establishes a nonrefundable income tax credit for eligible farmers, ranchers, and fishers to reduce production costs in Hawaii.

Defines eligible farmers as taxpayers with at least two-thirds of excess federal gross income from farming, ranching (Form 1040 Schedule F), or fishing (Form 1040 Schedule C).

Credit amount equals 15% of net farm income for taxpayers with less than $250,000 in net farm income, and 10% for those with $250,000 to less than $1,000,000.

Allows excess credits to carry forward to subsequent tax years until exhausted; claims must be filed within twelve months following the close of the taxable year.

Applies to taxable years beginning after December 31, 2024.