STAND. COM. REP. NO. 734-04
Honolulu, Hawaii
, 2004
RE: H.B. No. 2960
H.D. 2
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Second State Legislature
Regular Session of 2004
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 2960, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO RENEWABLE ENERGY TECHNOLOGIES INCOME TAX CREDIT,"
begs leave to report as follows:
The purpose of this bill is to promote the use of renewable energy technologies in Hawaii by:
(1) Providing that when tax credits for the installation of renewable energy technology systems exceed a taxpayer's income tax liability, the excess amount of credit may be claimed in subsequent taxable years until exhausted;
(2) Requiring that the system for which the credit is claimed must be new in order to receive the tax credit;
(3) Clarifying the eligibility of partnerships, S corporations, estates, and trusts for the tax credit; and
(4) Further clarifying other eligibility requirements for the tax credit.
Hawaii PV Coalition and Hawaii Renewable Energy Alliance supported this bill. The Department of Taxation, Hawaii Bankers Association, Hawaii Solar Energy Association, and City Bank supported the measure with amendments. The Tax Foundation of Hawaii submitted comments.
Your Committee has amended this bill by:
(1) Amending section 241-4.6, Hawaii Revised Statutes, to allow financial institutions to claim the tax credit; and
(2) Making technical, nonsubstantive amendments for clarity, consistency, and style.
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. 2960, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2960, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
|
____________________________ DWIGHT Y. TAKAMINE, Chair |
||