SB685

Hawaii SB685 proposes a carbon emissions tax to reduce greenhouse gas emissions and fund a carbon cashback program.

Hawaii SB685 introduces a carbon emissions tax on fossil fuels to reduce greenhouse gas emissions and fund a carbon cashback program. The tax will increase incrementally, with revenues distributed to various funds, including the environmental response revolving fund and the carbon emissions tax and dividend special fund. The bill also establishes a refundable tax credit to mitigate the tax's impact on taxpayers. Most households in Hawaii are expected to receive a net financial benefit, with lower-income households gaining the most.