HI SB2805

Creates a nonrefundable agricultural investment tax credit deductible from Hawaii state income tax liability for qualified taxpayers engaged in commercial agricultural, silvicultural, or aquacultural projects.

Covers qualified agricultural costs including infrastructure (roads, utilities, irrigation systems, water facilities), processing facilities, agricultural equipment, and planting costs for orchard or fruit-bearing crops.

Requires taxpayers to prequalify projects with the Agribusiness Development Corporation before incurring costs and submit annual sworn statements identifying expenses and credit claims within 90 days of each taxable year end.

Allows unused credits to be carried forward for up to five years; specific credit percentage, maximum credit amounts, and annual program caps are left blank in the bill text.

Takes effect July 1, 2050, applies to taxable years beginning after December 31, 2025, and sunsets on January 1, 2031.