Expands tax credit for important agricultural lands to include Hawaiian home lands for subsistence, supplemental, or pastoral agriculture.

This bill amends the tax credit for important agricultural lands to include Hawaiian home lands designated for subsistence agriculture, supplemental agriculture, or pastoral purposes. It expands the definition of "important agricultural lands" to include these Hawaiian home lands. The bill also modifies the definition of "qualified agricultural costs" to include costs related to planting orchard or fruit-bearing crops and improving former sugar and pineapple plantation lands. The changes apply to taxable years beginning after December 31, 2026.

Expands tax credit for important agricultural lands to include Hawaiian home lands for subsistence, supplemental, or pastoral agriculture.

This bill amends the tax credit for important agricultural lands to include Hawaiian home lands designated for subsistence agriculture, supplemental agriculture, or pastoral purposes. It expands the definition of "important agricultural lands" to include these Hawaiian home lands. The bill also modifies the definition of "qualified agricultural costs" to include costs related to planting orchard or fruit-bearing crops and improving former sugar and pineapple plantation lands. The changes apply to taxable years beginning after December 31, 2026.