STAND. COM. REP. NO.807
Honolulu, Hawaii
, 2001
RE: H.B. No. 1282
H.D. 2
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 1282, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO ENERGY CONSERVATION TAX CREDITS,"
begs leave to report as follows:
The purpose of this bill is to further the State's objective to reduce the consumption and dependence on imported oil by:
(1) Extending the energy conservation income tax credit (tax credit) to 2010; and
(2) Providing a tax credit for combined heat and power systems.
Testifying in support of this measure were the Department of Business, Economic Development, and Tourism; Building Industry Association of Hawaii; Sierra Club, Hawaii Chapter; the Hydrogen Renewable Energy Enterprise, LLC; and Vertical Wind Turbine Technologies, LLC.
The Gas Company; Hawaii Renewable Energy Alliance; and Hawaiian Electric Company and its subsidiary utilities, Hawaii Electric Light Company and Maui Electric Company, supported the intent of this bill.
The Department of Taxation opposed this bill. The Tax Foundation of Hawaii, Life of the Land, Hawaii Solar Energy Association, and the Plumbing and Mechanical Contractors Association of Hawaii offered comments.
Your Committee has amended this bill by:
(1) Deleting the provisions that provide a tax credit for combined heat and power systems;
(2) Reducing the life of the tax credit by four years to July 1, 2006;
(3) Changing the effective date to apply to taxable years beginning after December 31, 2010, for the purpose of continued discussion; and
(4) Making technical, nonsubstantive amendments for the purpose of consistency.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1282, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1282, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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