HI HB1617

Establishes a "carbon cashback" program that gradually increases the state's barrel tax on petroleum products from $1.05 to $5.25 in 2026, rising annually to $43.05 by 2035, then increasing $1.00 per barrel each year thereafter

Creates a refundable carbon cashback tax credit for Hawaii taxpayers beginning in 2026, with initial amounts of $52 per single filer, $104 for joint filers, and $26 per dependent, with future credit amounts calculated based on tax revenues divided among 1,440,000 shares

Re-establishes the agricultural development and food security special fund, allocating 15 cents per barrel of tax revenue to support farmer grants, agricultural land acquisition, irrigation improvements, and biosecurity inspector positions

Distributes barrel tax revenues across multiple funds including environmental response, energy security, electric vehicle charging, hydrogen fueling systems, the airport revenue fund (for aviation fuel), and boating special fund

Establishes a carbon emissions tax and dividend special fund with $1,000,000 annual allocation to administer the barrel tax, carbon cashback credit, and public awareness efforts; unclaimed tax credits are directed to the Med-QUEST division