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HI SB13

Relating To The Aquaculture Investment Tax Credit.


summary

Introduced
01/15/2025
In Committee
02/12/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

For taxable years beginning after 12/31/2025, establishes a 5-year aquaculture investment tax credit for taxpayers that incur qualifying investment costs relating to qualified aquaculture businesses. Takes effect 7/1/2050. (SD1)

AI Summary

This bill establishes a new aquaculture investment tax credit for businesses in Hawaii that invest in qualified aquaculture operations. Specifically, the bill creates a five-year tax credit program that allows taxpayers to deduct a percentage of their qualified investment costs from their net income tax liability. The credit can be claimed in the year of investment and the four subsequent years, with specific percentages to be determined. A qualified aquaculture business is defined as an enterprise engaged in cultivating aquatic plants and animals in controlled environments for research, commercial, or stocking purposes, including aquaponics. Qualified investment costs include capital improvements like land acquisition, facility design and construction, and renovations beyond the research and development phase. The bill includes important provisions for reporting, such as requiring taxpayers to submit annual certified statements to the tax director and allowing the department to verify and certify tax credit claims. If a business no longer qualifies as a qualified aquaculture business during the five-year period or sells its interest, the tax credit may be subject to recapture. The tax credit will be available for taxable years beginning after December 31, 2025, and will take effect on July 1, 2050.

Committee Categories

Agriculture and Natural Resources, Budget and Finance

Sponsors (1)

Last Action

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. (on 02/12/2025)

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