HI HB788

Expands the existing ethanol facility tax credit to include other biofuels (biodiesel, renewable diesel, renewable jet fuel) and electricity generated from agricultural feedstock, effective for taxable years beginning after December 31, 2013.

Increases the minimum nameplate capacity requirement from 500,000 gallons to greater than 500,000 gallons for biofuel facilities, and establishes a new 5 million kilowatt hour threshold for electricity-generating facilities.

Requires qualifying bioenergy production facilities to use agricultural feedstock for at least 75% of production output, including sugar cane, sorghum, vegetable oils, woody biomass, and unused food/feed/fiber byproducts.

Modifies the tax credit calculation to provide 30% of annual nameplate capacity for biofuel facilities or 3 cents per kilowatt hour for electricity-generating facilities, with an eight-year credit period and $12,000,000 annual aggregate cap.

Removes the previous 40-million-gallon statewide ethanol production capacity limit and establishes reporting requirements for facility locations, production volumes, employee counts, and agricultural feedstock sourcing.