HI HB2002

Reinstates the renewable fuels production tax credit that was repealed on December 31, 2021, to help Hawaii achieve greater energy security and self-sufficiency.

Allows a tax credit of 20 cents per 76,000 British thermal units of renewable fuels sold in Hawaii, with a maximum of $3,000,000 per taxpayer per year and $3,000,000 aggregate per calendar year for all taxpayers.

Requires eligible producers to generate at least 2.5 billion British thermal units of renewable fuels annually and limits the credit period to five consecutive years starting from first production at that level.

Mandates third-party certified annual reporting to the Department of Business, Economic Development, and Tourism including fuel type, quantity, feedstock, employee data, and facility information; requires Department to issue certificates to taxpayers.

Applies to taxable years beginning after December 31, 2021, and automatically repeals on December 31, 2031; covers renewable fuels including ethanol, biodiesel, hydrogen, biogas, and fuels produced from biomass, agricultural residues, waste oils, and municipal waste.