Bill > SB2925

This bill establishes a new income tax credit for individuals in Hawaii who incur qualified costs to manage the coconut rhinoceros beetle using natural methods, provided these methods result in "consumable coconut trees," meaning trees whose water or meat is safe for human consumption because no harmful pesticides were used. The credit amount will be a percentage of these qualified costs or a set dollar amount, whichever is less, and eligibility and certification of these costs will be determined by the department of agriculture and biosecurity, requiring taxpayers to verify that only approved natural management practices were used. Claims for this credit must be filed by the end of the twelfth month after the tax year, and any unused credit can be carried forward to future years, though taxpayers cannot claim another credit for the same expenses. The bill also appropriates funds for two full-time environmental health specialist positions within the department of agriculture and biosecurity to conduct necessary inspections for this tax credit program, and while the overall act takes effect in the distant future of July 1, 3000, the tax credit itself will apply to taxable years beginning after December 31, 2026.