HI SB328

Creates a new dairy farm retrofit income tax credit equal to 50% of capital infrastructure costs incurred when converting a dairy farm to a hog farm, with a maximum credit amount left blank in the bill

Allows unused tax credits to be carried forward and applied against income tax liability for up to five years after the taxable year in which costs were incurred

Defines "qualified farm" as a business that owns or operates a hog farm at former dairy farm facilities and whose principal business is animal husbandry

Requires all tax credit claims, including amended claims, to be filed within 12 months after the close of the taxable year or the credit is waived

Takes effect July 1, 3000 (placeholder date), applying to taxable years beginning after December 31, 2024