RELATING TO THE RENEWABLE FUELS PRODUCTION TAX CREDIT.

Changed from a single ten-year credit period per taxpayer to separate ten-year periods for each distinct production site.

Clarified that the tax credit is only available for renewable fuels where production costs are incurred and sales are made within the State of Hawaii.

Extended the deadline for filing third-party certified compliance statements from 30 days to 90 days after the calendar year ends.

Added a requirement for taxpayers to provide written notice of their intention to begin production before starting.

Updated the list of eligible renewable feedstocks by removing specific items like tallows and biogas while adding animal residues and wastes.

Changed the effective date of the Act from July 1, 3000 to April 19, 2042.

Updated bill sponsor name from Aaron Supple to Jeremy Patton and adjusted internal version numbers and timestamps.

Changed the bill identifier from H.D. 1 to H.D. 2 to reflect the new House District version.

Increased the maximum tax credit per taxpayer from $3,500,000 to $7,000,000 per taxable year.

Removed the $20,000,000 aggregate annual cap on total credits and introduced a new formula to allocate the full $20 million limit among eligible taxpayers based on their production claims.

Updated the minimum production threshold to 2.5 billion British thermal units per calendar year to qualify for the credit period.

Added new definitions for 'low lifecycle emissions renewable fuels' requiring a 50% reduction in greenhouse gas emissions compared to fossil fuels, along with specific thresholds for feedstock and product transportation emissions.

Expanded the list of eligible renewable feedstocks to include municipal solid waste, industrial waste, biogas, and various other organic materials.

Reduced the deadline for taxpayers to file third-party certification statements from 90 days to 30 days after the end of the calendar year.

Added a new requirement for the Hawaii State Energy Office to issue a certificate confirming the amount of credit a taxpayer is entitled to claim.

Changed the effective date of the Act to July 1, 3000, while maintaining that the credit applies to taxable years beginning after December 31, 2025.