SB2597 introduces a dairy farm retrofit income tax credit in Hawaii for capital infrastructure costs incurred by qualified farms.

SB2597 amends Hawaii's tax code to introduce a dairy farm retrofit income tax credit. This credit is available to taxpayers who incur capital infrastructure costs related to converting a dairy farm to a qualified farm. The credit is equal to fifty percent of the incurred costs, up to a specified maximum amount. The credit can be applied against the taxpayer's net income tax liability and can be carried over to subsequent years until exhausted, but no more than five years after the costs are incurred.

SB2597 introduces a dairy farm retrofit income tax credit in Hawaii for capital infrastructure costs incurred by qualified farms.

SB2597 amends Hawaii's tax code to introduce a dairy farm retrofit income tax credit. This credit is available to taxpayers who incur capital infrastructure costs related to converting a dairy farm to a qualified farm. The credit is equal to fifty percent of the incurred costs, up to a specified maximum amount. The credit can be applied against the taxpayer's net income tax liability and can be carried over to subsequent years until exhausted, but no more than five years after the costs are incurred.