HI HB760

Establishes a "carbon cashback" program that increases the environmental response, energy, and food security tax on petroleum products from $1.05 per barrel to $3.15 in 2026, rising incrementally to $40.11 per barrel by 2036, with $1.26 annual increases thereafter

Creates a refundable carbon cashback tax credit for Hawaii taxpayers ranging from $40 per single filer in 2026 to $473 by 2035, with joint filers receiving $83 to $946 and additional credits of $20-$237 per dependent

Reenacts the agricultural development and food security special fund, which was repealed in 2021, to receive $3 million annually for grants to farmers, agricultural land acquisition, equipment purchases, and food production activities

Establishes the carbon emissions tax and dividend special fund with $1 million annual deposits to administer the program and conduct public awareness campaigns about the tax credits

Requires the Department of Taxation to submit annual reports from 2027-2035 on program revenues and tax credit distributions, with a comprehensive evaluation due in 2035 from the Office of Planning and Sustainable Development