HI SB349

Establishes a five-year renewable fuels production tax credit allowing qualifying taxpayers to claim 20 cents per 76,000 British thermal units of renewable fuel produced and sold in Hawaii, capped at $3,000,000 per taxpayer per year.

Requires renewable fuels to be produced from qualifying feedstocks (biomass, agricultural residues, algae, waste materials, etc.) and meet ASTM International specifications for alcohols, hydrogen, biodiesel, biogas, or renewable jet fuel.

Limits the statewide annual aggregate tax credit to $3,000,000 total per year across all taxpayers, with Department of Business, Economic Development, and Tourism responsible for certification and verification.

Repeals the existing ethanol facility tax credit effective upon enactment to consolidate renewable fuel incentives under the broader renewable fuels production credit.

Tax credit applies to taxable years beginning after December 31, 2015, and the renewable fuels production tax credit provision sunsets on June 30, 2020.