HI HB336

Creates a 15% income tax credit for qualified development and construction costs of biofuel production facilities located in Hawaii.

Facilities must use at least 75% feedstock grown or sourced within the State, have annual production capacity of at least 2 million gallons, incur minimum qualified costs of $10,000,000, and be in production by January 1, 2017.

Total tax credits per facility capped at $60,000,000; excess credits over tax liability are refunded to taxpayer with minimum claim of $1.

Taxpayers must prequalify facilities with the Department of Business, Economic Development, and Tourism and submit annual sworn statements detailing qualified costs, credits claimed, and hiring numbers.

Tax credit applies to qualified costs incurred on or after July 1, 2010; entire provision repeals January 1, 2017.