Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 196 entitled:

begs leave to report as follows:

The purpose of this bill is to encourage hydrogen production and use in Hawaii by establishing a geothermal-to-hydrogen investment tax credit that equals 20 percent of the total cost of the geothermal-to-hydrogen system, including its accessories and installation.

Hawaiian Electric Company, Maui Electric Company, and Hawaii Electric Light Company supported this measure. The Department of Business, Economic Development, and Tourism and the Hawaii Renewable Energy Alliance supported the intent of this measure.

The Department of Budget and Finance and an individual opposed this measure. The Department of Taxation and the Tax Foundation of Hawaii commented on this measure.

Your Committee has amended this bill by:

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. 196, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 196, H.D. 1.