HI SB328

Establishes a dairy farm retrofit income tax credit equal to 50 percent of capital infrastructure costs incurred in converting a dairy farm to a hog farm, up to a maximum amount to be specified.

Allows the credit to be applied against the taxpayer's net income tax liability, with excess credits carried forward for up to five years after the taxable year the costs are incurred.

Defines "capital infrastructure costs" as capital expenditures under Internal Revenue Code section 263 for real property and fixtures connected to dairy farm conversion, excluding costs claimed under other tax credits.

Defines "qualified farm" as a business currently operating a hog farm at former dairy farm facilities whose principal business is animal husbandry.

Requires taxpayers to file all credit claims, including amended claims, within 12 months following the close of the taxable year or forfeit the right to claim the credit; applies to taxable years beginning after December 31, 2024.