HI SB3229

Caps geothermal royalties annually distributed to the State at $1,000,000 and to counties at $600,000 or 30% of royalties, whichever is less.

Deposits excess geothermal royalties and all remaining State royalties (except from Hawaiian Home Lands) into the University Innovation and Commercialization Initiative Special Fund for use by the Hawaii Groundwater and Geothermal Resources Center.

Requires the Department of Land and Natural Resources, affected counties, and the Hawaii Groundwater and Geothermal Resources Center to submit annual reports to the Legislature no later than 20 days before each regular session on geothermal royalty distributions and usage.

Maintains the Board's authority to waive royalty payments for up to eight years to encourage initial or continued geothermal resource production.

Takes effect July 1, 2022.