Bill > HB389

This bill establishes a carbon sequestration income tax credit in Hawaii. The credit is available to taxpayers who capture qualified carbon oxide using carbon capture equipment at industrial facilities or direct air capture facilities, and dispose of the captured carbon oxide in secure geological storage. The amount of the credit is determined based on the metric tons of qualified carbon oxide captured and disposed. The bill also outlines the process for claiming the credit, including certification by the Department of Health, and provides definitions for key terms like "carbon capture equipment," "direct air capture facility," and "qualified carbon oxide." The bill takes effect on July 1, 3000.

Agriculture and Natural Resources, Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=389&year=2024