HOUSE OF REPRESENTATIVES	H.C.R. NO.	363
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

urging the president of the united states and the united states congress to support the continuation of the federal renewable energy tax credits.

     WHEREAS, Hawaii's dependence on petroleum is the highest in the nation, accounting for approximately ninety per cent of the State's energy needs; and

     WHEREAS, Hawaii's high petroleum dependence makes consumers extremely vulnerable to any oil embargo, supply disruption, international market dysfunction, and many other factors beyond the State's control; and

     WHEREAS, for the sake of the State's energy security, as well as the potential economic and environmental benefits of increasing energy self-sufficiency, developing renewable energy resources is critically important; and

     WHEREAS, the State has committed to a renewable energy standard, which requires twenty per cent of electricity sold to be generated from renewable resources by the end of 2020; and

     WHEREAS, the State has entered into a memorandum of understanding with the United States Department of Energy to meet a goal of seventy per cent renewable energy production for the State by 2030; and

     WHEREAS, the State has sought to encourage private sector development of renewable energy projects; and

     WHEREAS, the existing federal solar energy investment tax credit of thirty per cent for homeowners and businesses and the federal production tax credit of $0.02 per KwH for wind ("federal renewable energy tax credits") are a significant inducement to private sector development of renewable energy projects; and

     WHEREAS, however, these existing federal renewable energy tax credits are scheduled to expire at the end of 2008; and

     WHEREAS, the federal renewable energy tax credits enables utilities, wind energy developers, and manufacturers to invest billions of dollars each year in equipment and facilities associated with the generation of electricity from renewable energy resources, such as wind, geothermal, biomass, and hydropower; and

     WHEREAS, investment decisions are being made today for new renewable energy power projects that are not expected to be completed this year; and

     WHEREAS, if Congress does not act promptly to extend the federal renewable energy tax credits, many companies are expected to stop making investments in renewable energy projects not expected to be completed before the end of the year; now, therefore,

     BE IT RESOLVED by the House of Representatives of the Twenty-fourth Legislature of the State of Hawaii, Regular Session of 2008, the Senate concurring, that in recognition of Hawaii's need for energy security and self-sufficiency, the President of the United States and members of the Congress of the United States are urged to support the continuation of the federal renewable energy tax credits; and

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the President of the United States, the President and the Majority Leader of the United States Senate, the Speaker of the United States House of Representatives, and the members of Hawaii's congressional delegation.

OFFERED BY:

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Report Title: 

Continuing Federal Renewable Energy Tax Credit