THE SENATE	S.B. NO.	198
TWENTY-SIXTH LEGISLATURE, 2011
STATE OF HAWAII

A BILL FOR AN ACT

relating to the renewable energy technologies income tax credit.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that investment in renewable energy technology advances the State's goals of improving energy security, enhancing economic development, and reducing carbon emissions.  The legislature further finds that insurance companies, as an important source of investment capital within the State, should have the opportunity to benefit from the renewable energy technologies income tax credit as a means of encouraging investment in renewable energy technologies.

     SECTION 2.  Chapter 431, Hawaii Revised Statutes, is amended by adding a new section to article 7 to be appropriately designated and to read as follows:

     "§431:7-   Renewable energy technologies; insurance premium tax credit. The renewable energy technologies income tax credit provided under section 235-12.5 shall be operative for this chapter and may be claimed against the tax imposed under section 431:7-202."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act upon its approval, shall apply to taxable years beginning after December 31, 2010.

INTRODUCED BY:

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Report Title:

Renewable Energy Technologies Income Tax Credit; Insurers

Description:

Allows insurers to claim the renewable energy technologies income tax credit against taxes on premiums received for insurance policies within the State.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.