Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 1557, S.D. 2, H.D. 1, entitled:

begs leave to report as follows:

The purpose of his measure is to provide stability and allow for long-term investment in Hawaii's renewable energy technology industry by repealing the sunset date of the renewable energy tax credits provision.

Testimony in support of this measure was received from the Hawaiian Electric Company, Hawaii Electric Light Company, Maui Electric Company, Sunking, Affordable Solar Contracting, Hawaii Renewable Energy Alliance, Hawaii Solar Energy Association, Inter-Island Solar Supply, R&R Solar Supply, and Powerlight. The Department of Business, Economic Development & Tourism supported the intent of this bill. The Department of Taxation testified in support of the intent of this bill but opposed it. The Tax Foundation provided comments.

Your Committee finds that repeal of the January 1, 2008 sunset date for renewable energy tax credits, will make a strong statement in support of the renewable energy industry and will help to decrease Hawaii's dependence on oil and coal.

As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1557, S.D. 2, H.D. 1, and recommends that it be referred to the Committee on Finance.