STAND. COM. REP. NO.  962

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 840

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 840 entitled:

"A BILL FOR AN ACT RELATING TO RENEWABLE ENERGY TECHNOLOGIES,"

begs leave to report as follows:

     The purpose of this bill is to expand the Renewable Energy Technologies Tax Credit to include fuel cell systems.

     The Department of Taxation, Life of the Land, and Plug Power offered comments.

     Your Committee has amended this bill by:

     (1)  Leaving blank the percentages of the actual cost or maximum amount per unit that may be claimed for the tax credit;

     (2)  Changing the effective date to January 1, 2020, to encourage further discussion; and

     (3)  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. 840, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 840, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair