THE SENATE

S.B. NO.

775

TWENTY-NINTH LEGISLATURE, 2017

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE IMPORTANT AGRICULTURAL LAND QUALIFIED AGRICULTURAL COST TAX CREDIT.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds that in the event landowners' and farmers' agricultural lands are identified as potential important agricultural lands and designated as such by the land use commission, additional time is needed to allow them to claim the important agricultural land qualified agricultural cost tax credit.

     The purpose of this Act is to extend the number of years in which the department of agriculture shall certify income tax credits for purposes of the important agricultural land qualified agricultural cost tax credit.

     SECTION 2.  Section 235-110.93, Hawaii Revised Statutes, is amended by amending subsection (l) to read as follows:

     "(l)  The department of agriculture shall cease certifying credits pursuant to this section after the [fourth] fourteenth taxable year following the taxable year during which the credits are first claimed; provided that a taxpayer with accumulated, but unclaimed, certified credits may continue claiming the credits in subsequent taxable years until exhausted."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

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Report Title:

Important Agricultural Land; Qualified Agricultural Cost Tax Credit

 

Description:

Extends the time period in which the department of agriculture may certify important agricultural lands qualified agricultural cost tax credit.

 

 

 

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