HI HB976

Increases the renewable fuels production tax credit from 20 cents to 35 cents per 76,000 British thermal units of renewable fuels sold for distribution in Hawaii

Adds $1 per diesel gallon equivalent credit for low lifecycle emissions renewable fuels and an additional $1 per gallon credit for sustainable aviation fuel production

Requires renewable fuels to achieve a 50% reduction in lifecycle greenhouse gas emissions compared to the fossil fuel being replaced to qualify for the credit

Caps total tax credits at $20 million annually for all eligible taxpayers, with no single taxpayer eligible for more than 75% of the total and sustainable aviation fuel credits limited to 50% of the total

Allows taxpayers who previously claimed the credit to claim again for taxable years beginning after December 31, 2024, with a maximum credit period of ten consecutive years from the Act's effective date