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| 1 | - | THE SENATE S.B. NO. 339 THIRTY-FIRST LEGISLATURE, 2021 S.D. 2 STATE OF HAWAII H.D. 1 | |
| 1 | + | THE SENATE S.B. NO. 339 THIRTY-FIRST LEGISLATURE, 2021 S.D. 2 STATE OF HAWAII H.D. 1 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: | |
| 2 | 2 | ||
| 3 | 3 | THE SENATE S.B. NO. 339 | |
| 4 | 4 | THIRTY-FIRST LEGISLATURE, 2021 S.D. 2 | |
| 5 | 5 | STATE OF HAWAII H.D. 1 | |
| 6 | - | C.D. 1 | |
| 7 | 6 | ||
| 8 | 7 | THE SENATE | |
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| 10 | 9 | S.B. NO. | |
| 11 | 10 | ||
| 12 | 11 | 339 | |
| 13 | 12 | ||
| 14 | 13 | THIRTY-FIRST LEGISLATURE, 2021 | |
| 15 | 14 | ||
| 16 | 15 | S.D. 2 | |
| 17 | 16 | ||
| 18 | 17 | STATE OF HAWAII | |
| 19 | 18 | ||
| 20 | 19 | H.D. 1 | |
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| 32 | 31 | A BILL FOR AN ACT | |
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| 37 | 36 | ||
| 38 | 37 | RELATING TO THE IMPORTANT AGRICULTURAL LAND QUALIFIED AGRICULTURAL COST TAX CREDIT. | |
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| 40 | 39 | ||
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| 42 | 41 | ||
| 43 | 42 | ||
| 44 | 43 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 48 | - | SECTION 1. The legislature finds that the important agricultural land qualified agricultural cost tax credit supports food self-sufficiency by providing tax credits to qualified landowners and farmers to help offset costs related to establishing and sustaining viable agricultural operations; however, under existing law, the department of agriculture must cease certifying these tax credits for taxable years beginning after December 31, 2021. The legislature further finds that extending the tax credit will provide additional time to landowners and farmers to claim the tax credit in the event that their agricultural lands are identified as potential important agricultural lands and subsequently designated as such by the land use commission. The purpose of this Act is to extend the period during which the important agricultural land qualified agricultural cost tax credit is available. 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 for taxable years beginning after December 31, [2021;] 2030; 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 on July 1, | |
| 47 | + | SECTION 1. The legislature finds that the important agricultural land qualified agricultural cost tax credit supports food self-sufficiency by providing tax credits to qualified landowners and farmers to help offset costs related to establishing and sustaining viable agricultural operations; however, under existing law, the department of agriculture must cease certifying these tax credits for taxable years beginning after December 31, 2021. The legislature further finds that extending the tax credit will provide additional time to landowners and farmers to claim the tax credit in the event that their agricultural lands are identified as potential important agricultural lands and subsequently designated as such by the land use commission. The purpose of this Act is to extend the period during which the important agricultural land qualified agricultural cost tax credit is available. 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 for taxable years beginning after December 31, [2021;] 2030; 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 on July 1, 2050, and shall apply to taxable years beginning after December 31, 2021. | |
| 49 | 48 | ||
| 50 | 49 | SECTION 1. The legislature finds that the important agricultural land qualified agricultural cost tax credit supports food self-sufficiency by providing tax credits to qualified landowners and farmers to help offset costs related to establishing and sustaining viable agricultural operations; however, under existing law, the department of agriculture must cease certifying these tax credits for taxable years beginning after December 31, 2021. The legislature further finds that extending the tax credit will provide additional time to landowners and farmers to claim the tax credit in the event that their agricultural lands are identified as potential important agricultural lands and subsequently designated as such by the land use commission. | |
| 51 | 50 | ||
| 52 | 51 | The purpose of this Act is to extend the period during which the important agricultural land qualified agricultural cost tax credit is available. | |
| 53 | 52 | ||
| 54 | 53 | SECTION 2. Section 235-110.93, Hawaii Revised Statutes, is amended by amending subsection (l) to read as follows: | |
| 55 | 54 | ||
| 56 | 55 | "(l) The department of agriculture shall cease certifying credits pursuant to this section for taxable years beginning after December 31, [2021;] 2030; provided that a taxpayer with accumulated, but unclaimed, certified credits may continue claiming the credits in subsequent taxable years until exhausted." | |
| 57 | 56 | ||
| 58 | 57 | SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. | |
| 59 | 58 | ||
| 60 | - | SECTION 4. This Act shall take effect on July 1, | |
| 59 | + | SECTION 4. This Act shall take effect on July 1, 2050, and shall apply to taxable years beginning after December 31, 2021. | |
| 61 | 60 | ||
| 62 | - | Report Title: Income Taxation; Important Agricultural Land Qualified Agricultural Cost Tax Credit; | |
| 61 | + | Report Title: Income Taxation; Important Agricultural Land Qualified Agricultural Cost Tax Credit; HDOA; Extension Description: Extends the period during which the important agricultural land qualified agricultural cost tax credit is available. Applies to taxable years beginning after 12/31/2021. Effective 7/1/2050. (HD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
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| 64 | 63 | ||
| 65 | 64 | ||
| 66 | 65 | Report Title: | |
| 67 | 66 | ||
| 68 | - | Income Taxation; Important Agricultural Land Qualified Agricultural Cost Tax Credit; | |
| 67 | + | Income Taxation; Important Agricultural Land Qualified Agricultural Cost Tax Credit; HDOA; Extension | |
| 69 | 68 | ||
| 70 | 69 | ||
| 71 | 70 | ||
| 72 | 71 | Description: | |
| 73 | 72 | ||
| 74 | - | Extends the period during which the important agricultural land qualified agricultural cost tax credit is available. Applies to taxable years beginning after 12/31/2021. ( | |
| 73 | + | Extends the period during which the important agricultural land qualified agricultural cost tax credit is available. Applies to taxable years beginning after 12/31/2021. Effective 7/1/2050. (HD1) | |
| 75 | 74 | ||
| 76 | 75 | ||
| 77 | 76 | ||
| 78 | 77 | ||
| 79 | 78 | ||
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| 81 | 80 | ||
| 82 | 81 | The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. |