HI
Hawaii House Bill HB92

Hawaii 2025 Regular Session

Hawaii House Bill HB92

Introduced
1/16/25  
Refer
1/21/25  
Report Pass
2/10/25  
Refer
2/10/25  
Report Pass
2/14/25  

Caption

Relating To Agriculture.

Impact

If enacted, HB92 could significantly impact state laws regarding tax incentives for agricultural businesses, potentially increasing their competitiveness and fostering growth in the agricultural sector. By qualifying agricultural businesses for tax credits previously reserved for high technology companies, the bill aims to support state efforts in diversifying the economy and enhancing sustainable practices in agriculture. This alignment could lead to increased research and development activities within the industry, directly affecting productivity and innovation in agricultural practices.

Summary

House Bill 92 aims to amend Hawaii statutes related to agricultural businesses by designating them as qualified high technology businesses eligible for certain tax credits. The bill defines 'agricultural business' and outlines the criteria for what constitutes 'qualified research' and 'qualified research expenses,' referencing the Internal Revenue Code for clarity. The intent is to encourage agricultural firms to invest in research activities, thereby stimulating innovation within the sector.

Sentiment

General sentiment around HB92 appears to be supportive, particularly among agricultural stakeholders who believe that tax credits for research initiatives will provide much-needed financial relief and motivation to innovate. However, there may be counterarguments regarding the prioritization of tax incentives in agriculture over other urgent state funding issues. The sentiment focuses on the recognition of agricultural businesses' potential contributions to economic and technological advancement.

Contention

While the bill seems largely supported, there are points of contention regarding resource allocation for tax credits and whether this may inadvertently sideline other critical sectors that also require state support. Critics may argue that the approach of funneling significant tax credits to agricultural research could detract from holistic funding strategies needed across multiple industries. The discussion could highlight challenges in assessing the effectiveness of such tax incentives and their long-term benefits to the state economy.

Latest HB92 Activity

Companion Bills

No companion bills found.

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