Hawaii SB2028 introduces an aquaculture investment tax credit for businesses engaged in aquatic farming.

Hawaii SB2028 amends the state tax code to introduce an aquaculture investment tax credit. This credit applies to taxpayers investing in qualified aquaculture businesses, which include those engaged in the propagation, cultivation, or farming of aquatic plants and animals. The credit is available for the year of investment and the following four years, with specific percentages or dollar amounts applied each year. The bill also includes provisions for recapture of the credit if certain conditions are met, such as the business no longer qualifying or the taxpayer withdrawing their investment.

Hawaii SB2028 introduces an aquaculture investment tax credit for businesses engaged in aquatic farming.

Hawaii SB2028 amends the state tax code to introduce an aquaculture investment tax credit. This credit applies to taxpayers investing in qualified aquaculture businesses, which include those engaged in the propagation, cultivation, or farming of aquatic plants and animals. The credit is available for the year of investment and the following four years, with specific percentages or dollar amounts applied each year. The bill also includes provisions for recapture of the credit if certain conditions are met, such as the business no longer qualifying or the taxpayer withdrawing their investment.