HI SB3150

Establishes a carbon emissions tax on petroleum products (gasoline, diesel, propane, butane, kerosene, fuel oil) and fossil fuels (coal and natural gas) sold by distributors, with graduated tax rates increasing from 2021 through 2030.

Creates a carbon emissions tax special fund to administer a refundable tax credit for lower-income individuals, with credit amounts determined by gross annual household income brackets and filing status.

Establishes a climate adaptation special fund to be used for post-disaster recovery, sea level rise adaptation, shoreline protection, managed retreat, and critical infrastructure protection projects.

Allocates carbon emissions tax revenues between the carbon emissions tax special fund (for tax credits) and the climate adaptation special fund (for remaining excess revenues).

Takes effect July 1, 2050, with the tax credit provisions applying to taxable years beginning after December 31, 2021.