HI SB15

Establishes a task force within the Department of Business, Economic Development, and Tourism to examine changing the existing 10% ethanol requirement for gasoline to a requirement that distributors ensure locally-produced biofuels account for at least 5% by volume of annual liquid fuel sales for motor vehicles, with no more than 5% for diesel fuel.

Task force shall submit a final report by January 20, 2015 to the legislature with findings and recommendations for proposed legislation, and shall cease to exist on August 1, 2015.

Creates a new Biofuels Production Tax Credit allowing taxpayers to claim 30 cents per gallon for high-energy biofuels (114,000+ BTU/gallon) or 20 cents per gallon for lower-energy biofuels, provided annual production is at least 100,000 gallons, with a maximum credit of $3,000,000 per year and 5-year claim limit.

Repeals the existing Ethanol Facility Tax Credit (section 235-110.3) effective upon passage of this Act.

Act takes effect July 1, 2050 and is repealed July 1, 2021.