SB766 - Basalt Mining Tax

• Establishes a 0.2 percent excise tax on the wholesale price of basalt cinder and trap rock sold by wholesalers or dealers in Hawaii.

• All revenues from the basalt mining excise tax are deposited into the Pacific International Space Center for Exploration Systems (PISCES) special fund.

• Revenues in the PISCES special fund must be used to support the center's sustained development of basalt-based products and materials for aerospace and terrestrial applications.

• Any funds in excess of $1,000,000 remaining in the PISCES special fund at the close of each fiscal year lapse to the state general fund.

• The Act takes effect on July 1, 2017.