Bill > HB760

This bill establishes a comprehensive carbon emissions reduction and economic relief program for Hawaii. It introduces a progressively increasing environmental response, energy, carbon emissions, and food security tax on petroleum products and fossil fuels, with tax rates rising from $3.15 to $40.11 per barrel from 2026 to 2036. To mitigate the potential economic impact on residents, the bill creates a carbon cashback tax credit that provides annual refundable tax credits for individuals based on their filing status and number of dependents, ranging from $20 to $473 depending on the year. The bill also reenacts the agricultural development and food security special fund and establishes a new carbon emissions tax and dividend special fund to administer the program. The tax revenue will be distributed across multiple special funds, including environmental response, energy security, and agricultural development funds. Additionally, the bill requires the Department of Taxation to submit annual reports on the program's implementation and impact, with a comprehensive evaluation planned for 2035. The goal is to reduce Hawaii's greenhouse gas emissions while providing financial relief to residents, particularly lower-income households, in a progressive manner.

Agriculture and Natural Resources, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=760&year=2025