SB328 introduces a tax credit for dairy farm retrofits in Hawaii, up to $1,000,000.

SB328 establishes a tax credit for capital infrastructure costs incurred by taxpayers converting dairy farms to qualified farms in Hawaii. The credit is equal to fifty percent of the costs, up to a maximum of $1,000,000. This credit is deductible from the taxpayer's net income tax liability. The credit can be carried over to subsequent years if unused, and the Director of Taxation is tasked with preparing necessary forms and rules to implement the credit. The credit applies to taxable years beginning after December 31, 2024.

SB328 introduces a tax credit for dairy farm retrofits in Hawaii, up to $1,000,000.

SB328 establishes a tax credit for capital infrastructure costs incurred by taxpayers converting dairy farms to qualified farms in Hawaii. The credit is equal to fifty percent of the costs, up to a maximum of $1,000,000. This credit is deductible from the taxpayer's net income tax liability. The credit can be carried over to subsequent years if unused, and the Director of Taxation is tasked with preparing necessary forms and rules to implement the credit. The credit applies to taxable years beginning after December 31, 2024.