HI HB929

Imposes a new surcharge on net capital gains from the sale or transfer of agricultural land, in addition to existing conveyance taxes

Creates a tiered tax rate structure based on how long the agricultural land was held, with 8 different holding periods ranging from less than 4 months to less than 6 years

Specific tax rate percentages are left blank in the bill and would need to be filled in during the legislative process

Defines "agricultural land" as lands classified in an agricultural district under Hawaii's land use law (Chapter 205)

Takes effect July 1, 2025