REPORT TITLE:
Energy Tax Credit


DESCRIPTION:
Extends deadlines for energy conservation income tax credits.
(SB2549 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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THE SENATE                              S.B. NO.           S.D. 1
TWENTIETH LEGISLATURE, 2000                                H.D. 1
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO ENERGY CONSERVATION TAX CREDITS.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 235-12, Hawaii Revised Statutes, is
 
 2 amended by amending subsection (b) to read as follows:
 
 3      "(b)  For taxable years beginning after December 31, 1989,
 
 4 each individual or corporate resident taxpayer who files an
 
 5 individual or corporate net income tax return for a taxable year,
 
 6 may claim a tax credit under this section against the Hawaii
 
 7 state individual or corporate net income tax.  The tax credit may
 
 8 be claimed as follows:
 
 9      (1)  For wind energy systems that are installed and placed
 
10           in service after December 31, 1989, but before July 1,
 
11           [2003] 2010, the credit shall be twenty per cent of the
 
12           actual cost;
 
13      (2)  For solar energy systems that are installed and placed
 
14           in service after December 31, 1989, but before July 1,
 
15           [2003] 2010, on new and existing single family
 
16           residential buildings, the credit shall be in an amount
 
17           not to exceed thirty-five per cent or $1,750, whichever
 
18           is less, of the actual cost of the solar energy system;
 

 
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 1      (3)  For solar energy systems that are installed and placed
 
 2           in service after December 31, 1989, but before July 1,
 
 3           [2003] 2010,  on new and existing multiunit buildings
 
 4           used primarily for residential purposes, the credit
 
 5           shall be in an amount not to exceed thirty-five per
 
 6           cent or $350 per building unit, whichever is less, of
 
 7           the actual cost of the solar energy system;
 
 8      (4)  For solar energy systems that are installed and placed
 
 9           in service after December 31, 1989, but before July 1,
 
10           [2003] 2010, in new and existing hotel, commercial, and
 
11           industrial facilities, the credit shall be in an amount
 
12           not to exceed thirty-five per cent of the actual cost
 
13           of the solar energy system;
 
14      (5)  For heat pumps that are installed and placed in service
 
15           after December 31, 1989, but before July 1, [2003]
 
16           2010, in new and existing single-family residential
 
17           buildings, the credit shall be in an amount not to
 
18           exceed twenty per cent or $400, whichever is less, of
 
19           the actual cost of the heat pump;
 
20      (6)  For heat pumps that are installed and placed in service
 
21           after December 31, 1989, but before July 1, [2003]
 
22           2010, in new and existing multiunit buildings used
 
23           primarily for residential purposes, the credit shall be
 

 
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 1           in an amount not to exceed twenty per cent or $200 per
 
 2           building unit, whichever is less, of the actual cost of
 
 3           the heat pump; provided that a licensed professional
 
 4           engineer reviews the design of the system and provides
 
 5           a written opinion that the system, in accordance with
 
 6           recognized engineering practice, is designed to provide
 
 7           not less than ninety per cent of the daily annual
 
 8           average hot water needs of all of the occupants of the
 
 9           building;
 
10      (7)  For heat pumps that are installed and placed in service
 
11           after December 31, 1989, but before July 1, [2003]
 
12           2010, in new and existing hotel, commercial, and
 
13           industrial facilities, the credit shall be in an amount
 
14           not to exceed twenty per cent of the actual cost of the
 
15           heat pump; and
 
16      (8)  For ice storage systems that are installed and placed
 
17           in service after December 31, 1990, but before July 1,
 
18           [2003] 2010, the credit shall be in an amount not to
 
19           exceed fifty per cent of the actual cost of the ice
 
20           storage system.
 
21 The per unit of actual cost of a solar energy system or heat pump
 
22 referred to in subsection (b)(3) and (6) shall be determined by
 
23 multiplying the actual cost of the solar energy system or heat
 

 
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 1 pump installed and placed in service in the multiunit building by
 
 2 a fraction, the numerator being the total square feet of that
 
 3 unit in the multiunit building, and the denominator being the
 
 4 total square feet of all the units in the multiunit building.
 
 5      If federal energy tax credits similar to any of those
 
 6 provided in paragraphs (1) to (8) are established after June 30,
 
 7 1998, but before July 1, [2003] 2010, then the state tax credit
 
 8 provided in the respective paragraph or paragraphs shall be
 
 9 reduced by the amount of the applicable federal energy tax
 
10 credit."
 
11      SECTION 2.  Statutory material to be repealed is bracketed.
 
12 New statutory material is underscored.
 
13      SECTION 3.  This Act shall take effect upon its approval.