HI SB2651

Expands the existing ethanol facility tax credit to include biodiesel and other biofuels meeting American Society of Testing and Materials standards D-4806 or D-6751.

Changes the annual tax credit calculation from 30% of nameplate capacity to 40 cents per gallon of biofuel produced for facilities with capacity between 500,000 and 15 million gallons.

Requires qualifying biofuel production facilities to be located in Hawaii and use Hawaii-sourced feedstock for at least 75% of production output.

Caps aggregate certified credits at $3,000,000 annually from July 1, 2011 through December 31, 2012; increases to $8,000,000 annually from January 1, 2013 through December 31, 2014; and returns to $12,000,000 annually after December 31, 2014.

Redefines nameplate capacity as the actual maximum production recorded during a consecutive seven-day period multiplied by 52, rather than the facility's design capacity.