HI SB772

Expands existing ethanol facility tax credit to include biodiesel, renewable diesel, renewable jet fuel, and other liquid biofuels produced from agricultural feedstocks, effective for taxable years beginning after December 31, 2013.

Establishes annual tax credit equal to 30% of nameplate capacity for qualifying biofuel facilities with capacity greater than 500,000 gallons per year, with 8-year credit period capped at 100% of total investments made.

Requires qualifying biofuel facilities to operate at minimum 75% of nameplate capacity on annualized basis and use agricultural feedstock for at least 75% of production output.

Defines "agricultural feedstock" to include sugar cane, biomass, woody materials, vegetable oils, and unused byproducts from food and feed production, excluding used cooking oils.

Caps total certified biofuel production credits at $12,000,000 per year, with Department of Business, Economic Development, and Tourism responsible for verifying investments and certifying eligible credits.