HI HB336

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

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

Total tax credits per facility capped at $60,000,000; excess credits over income tax liability are refunded to the taxpayer.

Taxpayers must pre-qualify facilities with the Department of Business, Economic Development, and Tourism and submit annual sworn statements documenting qualified costs and job creation.

Applies to taxable years beginning after December 31, 2010 and costs incurred between July 1, 2010 and January 1, 2017; provision repeals January 1, 2017.