STAND. COM. REP. NO. 1766-22

Honolulu, Hawaii

, 2022

RE: S.B. No. 339

S.D. 2

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 339, S.D. 2, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE IMPORTANT AGRICULTURAL LAND QUALIFIED AGRICULTURAL COST TAX CREDIT,"

begs leave to report as follows:

The purpose of this measure is to extend the period during which the important agricultural land qualified agricultural cost tax credit is available through the taxable year ending December 31, 2030.

Your Committee received testimony in support of this measure from the Department of Agriculture; Hawai‘i Farm Bureau; Hawaii Cattlemen's Council, Inc.; Land Use Research Foundation of Hawaii; Ulupono Initiative; Carpenter & Carpenter, Inc.; and Kamehameha Schools. Your Committee received comments on this measure from the Department of Budget and Finance, Department of Taxation, Office of Planning and Sustainable Development, and Tax Foundation of Hawaii.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 339, S.D. 2, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair