SB3360 Summary

• Establishes an additional tax credit of 15 cents per 76,000 British thermal units for renewable fuels produced from renewable feedstock locally grown or recycled in the State, including sustainable aviation fuels.

• Maintains the base tax credit of 20 cents per 76,000 British thermal units for renewable fuels meeting lifecycle greenhouse gas emissions standards.

• Changes the individual taxpayer credit cap from $3,500,000 to 75 percent of total annual tax credits allowed under the section.

• Increases the timeline for Hawaii state energy office review of credit applications from 30 to 60 calendar days.

• Allows taxpayers who previously claimed the credit before January 1, 2024 to be eligible for a new single credit period for taxable years beginning after December 31, 2023.