SB 13 Hawaii Senate · 2025 Regular Session

RELATING TO THE AQUACULTURE INVESTMENT TAX CREDIT.

Summary

For taxable years beginning after 12/31/2025, establishes a 5-year aquaculture investment tax credit for taxpayers that incur qualifying investment costs relating to qualified aquaculture businesses. Takes effect 7/1/2050. (SD1)

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 8, 2025 Last action Feb 12, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB13 → SB13_SD1 · 5 edits

MODERATE

The bill was converted from a Senate bill (SB 13) to a Senate Committee draft (SD 1) with substantive policy changes. The most significant change is the addition of a recapture provision requiring taxpayers to repay tax credits if they withdraw their investment or sell the business within the five-year credit period. The bill also added a fee collection mechanism to offset administrative costs and clarified definitions for qualified aquaculture businesses and investment costs.

Scope change

The bill's scope expanded to include recapture requirements and fee collection provisions that were not present in the original version.

ENFORCEMENT

Added a recapture provision requiring taxpayers to repay a percentage of tax credits if the business no longer qualifies, is sold, or the investment is withdrawn within the five-year period.

FISCAL

Added authority for the director of taxation to assess and collect fees to offset administrative costs, with proceeds deposited into the tax administration special fund.

DEFINITION

Added formal definitions for 'qualified aquaculture business' and 'qualified investment costs' to clarify eligibility requirements.

REQUIREMENT

Added a requirement that taxpayers file the certification with their tax return and that no other tax credits or deductions may be claimed for the same qualifying investments.

TIMELINE

Added effective date of July 1, 2050, and application to taxable years beginning after December 31, 2025.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 12, 2025

Committee

Reported from AEN (Stand. Com. Rep. No. 298) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Jan 24, 2025

Upper · Passed

The committee(s) on AEN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in AEN were as follows: 4 Aye(s): Senator(s) Gabbard, Richards, Rhoads, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) DeCoite.

upper

Jan 21, 2025

Upper · Passed

The committee(s) on AEN has scheduled a public hearing on 01-24-25 1:00PM; Conference Room 224 & Videoconference.

upper

Jan 16, 2025

Committee

Referred to AEN, WAM.

upper

Jan 15, 2025

Introduced

Introduced and passed First Reading.

upper

Jan 8, 2025

Introduced

Pending Introduction.

upper

1 primary · 0 co-sponsors