HI SB493

Establishes the Hawaii Agriculture and Forest Carbon Positive Incentive Program administered by the Hawaii Green Infrastructure Authority to compensate landowners for carbon sequestration activities on eligible agricultural and forest land.

Defines two phases of eligible practices: Phase I activities (regenerative cropping, improved pasture, agroforestry, reforestation, forest protection, and rotational grazing) and Phase II activities (biofuel production, methane capture, improved forest management, and nutrient management) requiring further technical research.

Creates carbon incentives contracts specifying eligible practices, acreage, compensation rates, and verification schedules for 1-30 year terms between landowners/lessees and the authority, with participation permitted alongside other federal or state conservation programs.

Establishes the Hawaii Agriculture and Forest Carbon Positive Incentive Program Special Fund to be financed by portions of the environmental response, energy, and food security tax on petroleum products and general revenue appropriations.

Requires annual reports to the legislature detailing estimated carbon reductions, program changes, and acreage enrolled; takes effect July 1, 2050 (appropriations effective July 1, 2051).