Bill > SB2525

This bill establishes a carbon cashback program in Hawaii by: 1. Amending the environmental response, energy, and food security tax to address carbon emissions, incrementally increasing the tax rate on petroleum products and other fossil fuels over time to incentivize reduced consumption. 2. Creating a refundable tax credit to be paid to resident taxpayers, with the credit amount increasing each year along with the tax rate, in order to offset the financial impact of the higher fuel costs on Hawaii's residents and stimulate the economy. The bill also makes corresponding changes to the funds where the tax revenue is deposited, and requires the Department of Taxation and the Office of Planning and Sustainable Development to submit reports to the legislature on the program's implementation and effectiveness.