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Bill

SB 2028

RELATING TO THE AQUACULTURE INVESTMENT TAX CREDIT.

2026 Regular Session Introduced by Kurt Fevella and 3 co-sponsors

Hawaii tax credit bill incentivizes aquaculture investment by reducing state income tax liability for qualifying operations to boost food security and economic development.

Referred to AEN, WAM.
#aquacultureinvestmenttaxcredit
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Bill Summary · SB 2028

Legislative bill overview

SB 2028 establishes or modifies a tax credit in Hawaii designed to incentivize private investment in aquaculture operations. The bill allows businesses that invest in qualifying aquaculture projects to claim credits against their state income tax liability. This represents a state-level economic development tool targeting the aquaculture industry specifically.

Why is this important

Aquaculture is strategically significant for Hawaii's food security, economic diversification, and potential job creation in rural areas. By reducing the tax burden on aquaculture investors, the bill aims to attract capital to an industry that currently represents a small portion of the state's economy but has growth potential. However, the effectiveness depends on whether the credit actually spurs new investment or primarily subsidizes projects that would occur anyway.

Potential points of contention

  • Fiscal cost versus economic benefit: Tax credits reduce state revenue without guaranteed ROI; analysis of whether projected job creation and economic growth justify the foregone tax revenue is critical
  • Industry specificity: Targeting one industry raises questions about fairness—why aquaculture over other sectors Hawaii wants to develop (renewable energy, diversified agriculture, etc.)
  • Eligibility and verification: Determining what qualifies as eligible aquaculture investment and preventing misuse or inflated claims could create administrative complexity and costs

Compiled from official sources — confirm details with the bill’s official record.

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