THE SENATE S.B. NO. 3032 THIRTY-FIRST LEGISLATURE, 2022 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:
THE SENATE S.B. NO. 3032
THIRTY-FIRST LEGISLATURE, 2022
STATE OF HAWAII
THE SENATE
S.B. NO.
3032
THIRTY-FIRST LEGISLATURE, 2022
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. 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 for taxable years beginning after December 31, [2021;] 2032; provided that a taxpayer with accumulated, but unclaimed, certified credits may continue claiming the credits in subsequent taxable years until exhausted." SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 3. This Act, upon its approval, shall take effect retroactive to January 1, 2022. INTRODUCED BY: _____________________________ BY REQUEST
SECTION 1. 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 for taxable years beginning after December 31, [2021;] 2032; provided that a taxpayer with accumulated, but unclaimed, certified credits may continue claiming the credits in subsequent taxable years until exhausted."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall take effect retroactive to January 1, 2022.
INTRODUCED BY: _____________________________
BY REQUEST
INTRODUCED BY:
_____________________________
BY REQUEST
Report Title: Important Agricultural Land Qualified Agricultural Cost Tax Credit Description: Reinstates and extends through the 2032 tax year, the duty of the Department of Agriculture to certify the amount of the Important Agricultural Lands Qualified Agricultural Cost Tax Credit for each taxable year. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
Report Title:
Important Agricultural Land Qualified Agricultural Cost Tax Credit
Description:
Reinstates and extends through the 2032 tax year, the duty of the Department of Agriculture to certify the amount of the Important Agricultural Lands Qualified Agricultural Cost Tax Credit for each taxable year.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.