HB 2767 Summary

• Amends the Renewable Fuels Production Tax Credit to incentivize locally produced renewable fuel sold in Hawaii by adding $1 per gallon credit for renewable fuels from locally grown or recycled feedstock and $1 per gallon for sustainable aviation fuel production

• Extends the credit period from 10 to an unspecified number of years and resets previously claimed credits for taxable years beginning after December 31, 2023

• Changes the lifecycle emissions threshold requirement from below fossil fuels to at least 25 percent lower than fossil fuels, using the Argonne National Laboratory GREET Model for measurement

• Modifies the approval timeline from 30 to 60 calendar days for the Hawaii State Energy Office to issue certificates and determine lifecycle emissions compliance

• Maintains the production minimum of 2.5 billion British thermal units per calendar year but adjusts the annual credit cap and allocation methodology (specific dollar amounts left blank in the text)