Bill > SB361

This bill establishes a carbon sequestration income tax credit in Hawaii. The credit can be claimed by taxpayers who capture carbon dioxide using carbon capture equipment at industrial or direct air capture facilities and dispose of it in secure geological storage, rather than using it as a tertiary injectant for enhanced oil or natural gas recovery. The credit amount is set per metric ton of qualified carbon oxide captured and disposed. The Department of Health will be responsible for certifying the amount of qualified carbon oxide and issuing a certificate to the taxpayer, who can then claim the credit on their tax return. The bill applies to taxable years beginning after December 31, 2023.

Agriculture and Natural Resources

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=361&year=2024