HI SB772

Expands the existing ethanol facility tax credit to include other biofuels such as biodiesel, renewable diesel, and renewable jet fuel produced from agricultural feedstock.

Changes the credit eligibility threshold from facilities with nameplate capacity greater than 500,000 but less than 15 million gallons to facilities with capacity greater than 500,000 gallons, removing the upper limit.

Requires qualifying biofuel production facilities to use agricultural feedstock for at least 75 percent of production output, with "agricultural feedstock" including sugarcane, sweet sorghum, woody biomass, vegetable oils, and unused byproducts.

Establishes an annual tax credit cap of $12,000,000 in aggregate certified credits per year and maintains the eight-year credit period for facilities in production by January 1, 2017.

Requires taxpayers to provide written notice before construction, within 30 days of production start, and periodic reporting on gallons produced, biofuel types, feedstock sources, and employee numbers to the Department of Business, Economic Development, and Tourism.