STAND. COM. REP. NO.  1166-08

Honolulu, Hawaii

                , 2008

RE:   S.B. No. 2986

      S.D. 2

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Energy & Environmental Protection, to which was referred S.B. No. 2986, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO REFUNDABLE RENEWABLE ENERGY TAX CREDIT,"

begs leave to report as follows:

     The purpose of this bill is to provide additional incentives to invest in renewable technologies by making the existing Renewable Energy Technologies Income Tax Credit refundable for taxpayers:

     (1)  Whose adjusted gross income is equal to or less than an unspecified amount; or

     (2)  Whose income is derived from state retirement benefits or pension benefits that are exempt from income taxation.

     The Department of Taxation, Hawaii Energy Policy Forum, Hawaiian Electric Company, Inc., Maui Electric Company, Hawaii Electric Light Company, Hawaii Renewable Energy Alliance, Hawaii Solar Energy Alliance, Sierra Club - Hawaii Chapter, and several concerned individuals testified in support of this bill.  The Department of Business, Economic Development, and Tourism supported the intent of this measure.

     As affirmed by the record of votes of the members of your Committee on Energy & Environmental Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2986, S.D. 2, and recommends that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Energy & Environmental Protection,

____________________________

HERMINA MORITA, Chair