STAND. COM. REP. NO. 2059
Honolulu, Hawaii
RE: S.B. No. 2455
S.D. 1
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2008
State of Hawaii
Madam:
Your Committee on Energy and Environment, to which was referred S.B. No. 2455 entitled:
"A BILL FOR AN ACT RELATING TO RENEWABLE ENERGY TECHNOLOGIES,"
begs leave to report as follows:
The purpose of this measure is to expand the renewable energy technologies tax credit to include hydrogen energy systems.
Specifically, the measure provides an income tax credit in the amount of:
(1) Thirty-five per cent of the actual cost or $5,000 per unit for single-family residential properties;
(2) Thirty-five per cent of the actual cost or $10,000 per unit, whichever is less; and
(3) Thirty-five per cent of the actual cost or $15,000 per unit for commercial properties, whichever is less, when a hydrogen energy system is installed and placed into service in such properties located in the State.
Testimony in support of this measure was submitted by the Natural Energy Laboratory of Hawaii Authority and H2 Technologies, Inc. Testimony in opposition to this measure was submitted by the Hawaii Renewable Energy Alliance. Comments were submitted by the Department of Taxation, Department of Business, Economic Development, and Tourism; and the Tax Foundation of Hawaii.
Your Committee finds that a definition of "hydrogen energy system" is needed in order for the Department of Taxation to effectively implement and administer this tax credit.
Accordingly, your Committee has amended this measure by adding a definition for "hydrogen energy system".
As affirmed by the record of votes of the members of your Committee on Energy and Environment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2455, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2455, S.D. 1, and be referred to the Committee on Economic Development and Taxation.
Respectfully submitted on behalf of the members of the Committee on Energy and Environment,
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____________________________ RON MENOR, Chair |
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