STAND. COM. REP. NO. 2822
Honolulu, Hawaii
RE: S.B. No. 2986
S.D. 2
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2008
State of Hawaii
Madam:
Your Committee on Ways and Means, to which was referred S.B. No. 2986, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO REFUNDABLE RENEWABLE ENERGY TAX CREDIT,"
begs leave to report as follows:
The purpose of this measure is to allow certain residential taxpayers to claim a refund for the renewable energy technologies income tax credit.
More specifically, this measure allows a taxpayer whose income consists solely of pension benefits or has an adjusted gross income of $20,000 or less (or $40,000 or less in the case of married couples filing jointly), to qualify for a refundable tax credit for the purchase and installation of a renewable energy technology system, including solar water heating, photovoltaic, and wind systems.
Testimony in support of the measure was received from the Department of Business, Economic Development, and Tourism, the Department of Taxation, the Hawaiian Electric Company, Inc., and the Hawaii Solar Energy Association. The Tax Foundation of Hawaii submitted comments.
Your Committee finds that this measure encourages and supports the use of renewable energy and provides Hawaii residents who are pensioners or have limited incomes the opportunity they would not otherwise have to utilize renewable energy technologies.
Your Committee has amended the measure by:
(1) Changing the taxpayer's qualifying adjusted gross income limit to an unspecified amount;
(2) Changing the measure's effective date to July 1, 2050 to facilitate continued discussion; and
(3) Making technical, nonsubstantive amendments for the purpose of style and clarity.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2986, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2986, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ ROSALYN H. BAKER, Chair |
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