HI HB1375

Establishes a "carbon cashback program" by increasing Hawaii's environmental response, energy, and food security tax on petroleum products from $1.05 to $3.15 per barrel in 2026, rising incrementally to $38.85 per barrel by 2035, with annual increases of $1.26 thereafter

Creates refundable tax credits for individual taxpayers ranging from $40 per person in 2026 to $473 per person by 2035, with dependents receiving half the credit amount and joint filers receiving nearly double

Expands taxation to non-petroleum fossil fuels at rates starting at $0.49 per million British thermal units in 2026, increasing to $5.59 by 2035

Reenacts the agricultural development and food security special fund (repealed in 2021) to receive $3,000,000 annually for grants to farmers, equipment purchases, agricultural research, and food security initiatives

Requires the Department of Taxation to submit annual reports through 2035 on program revenues and tax credit distributions, with the Office of Planning and Sustainable Development providing a program evaluation by 2035