HI SB730

Expands the ethanol facility tax credit to include other biofuels such as pyrolysis oil, renewable diesel, bio-gasoline, and bio-jet fuel produced from agricultural feedstock in Hawaii.

Changes the tax credit calculation from 30% of nameplate capacity to 30 cents per 115,000 British thermal units of biofuels produced, with a maximum annual credit of $3,000,000 per taxpayer.

Removes the previous 15 million gallon per year facility capacity limit, allowing larger-scale biofuel production facilities to qualify for the tax credit.

Requires qualifying facilities to commence construction on or after January 1, 2014, use at least 75% Hawaii-grown agricultural feedstock when available, and operate at 75% of nameplate capacity annually to claim the credit.

Applies to taxable years beginning after December 31, 2014, and allows the Department of Business, Economic Development, and Tourism to increase the aggregate annual tax credit cap beyond $12,000,000 with legislative reporting requirements.