STAND. COM. REP. NO. 2855
RE: S.B. No. 2074
Honorable Ronald D. Kouchi
President of the Senate
Twenty-Ninth State Legislature
Regular Session of 2018
State of Hawaii
Your Committee on Ways and Means, to which was referred S.B. No. 2074 entitled:
"A BILL FOR AN ACT RELATING TO THE IMPORTANT AGRICULTURAL LAND QUALIFIED AGRICULTURAL COST TAX CREDIT,"
begs leave to report as follows:
The purpose and intent of this measure is to assist in the protection of important agricultural lands by extending the period of time in which the Department of Agriculture may certify important agricultural land qualified agricultural cost tax credits.
Your Committee received written comments in support of this measure from the Department of Agriculture; Department of Planning and Permitting of the City and County of Honolulu; a Hawaii County Council member; Alexander and Baldwin; Land Use Research Foundation of Hawaii; Hawaii Farm Bureau Federation; Hawaii Cattlemen's Council; Hawaii Crop Improvement Association; Maui County Farm Bureau; Ka Ohana O Na Pua; and twenty-two individuals.
Your Committee received written comments on this measure from the Department of Taxation and Tax Foundation of Hawaii.
Your Committee finds that the important agricultural land qualified agricultural cost tax credit provides important financial support that assists farmers on important agricultural lands to sustain their agricultural operations, and allows these farmers to continue to enhance the viability and sustainability of their farming operations.
Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the measure.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2074, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2074, S.D. 1.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DONOVAN M. DELA CRUZ, Chair