HI HB1319

Amends the environmental response, energy, and food security tax to impose a carbon emissions tax on petroleum products (gasoline, diesel, jet fuel, propane, etc.) and fossil fuels (coal, natural gas) based on carbon dioxide content, with tax rates increasing in 2022, 2026, 2029, and 2032.

Establishes a refundable income tax credit for resident taxpayers to offset the carbon tax burden, with credit amounts varying by filing status and including additional credits per qualifying child.

Directs carbon tax revenues to multiple special funds in the following priority: environmental response revolving fund, energy security special fund, energy systems development special fund, agricultural development and food security special fund, and building energy efficiency revolving loan fund, with excess revenues to the general fund.

Limits the tax credit eligibility to residents with gross annual household income up to specified thresholds that vary by filing status (amount left blank in bill text).

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