Bill > HB2296

This bill establishes a tax credit for the import of renewable fuel, including sustainable aviation fuel, and updates the renewable fuels production tax credit. The renewable fuel import tax credit provides 50 cents per gallon for renewable fuel with at least a 50% reduction in lifecycle greenhouse gas emissions compared to fossil fuels, and $1 per gallon for sustainable aviation fuel consumed by flights originating and within Hawaii. The renewable fuels production tax credit increases the credit value to 35 cents per 76,000 British thermal units of renewable fuel produced and sold in Hawaii, with an additional $1 per gallon credit for renewable fuels produced from locally-sourced feedstock and sustainable aviation fuel produced and sold for consumption by Hawaii flights. The bill also increases the annual cap on the production tax credit from $20 million to $100 million.