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HOUSE OF REPRESENTATIVES |
H.B. NO. |
388 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to renewable energy.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Non-grid-connected renewable energy storage technology system tax credit. (a) Each individual taxpayer who:
(1) Is subject to this chapter;
(2) Files an individual income tax return for a taxable year; and
(3) Is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for Hawaii state individual income tax purposes,
may claim a non-grid-connected renewable energy storage technology system tax credit against the taxpayer's net individual income tax liability for the taxable year for which the individual's income tax return is being filed.
(b) The tax credit for an individual taxpayer shall be an amount equal to per cent of the cost of installing any non-grid-connected renewable energy storage technology system by the individual taxpayer for the taxable year in which the system was installed; provided that a husband and wife filing separate tax returns for a taxable year for which a joint return could have been filed by them shall claim only the tax credit to which they would have been entitled under this section had a joint return been filed.
(c) If the non-grid-connected renewable energy storage technology system tax credit allowed under this section exceeds the taxpayer's net income tax liability, the excess of credit over liability may be claimed in subsequent years until exhausted; provided that no refunds or payment on account of the tax credit allowed by this section shall be made for amounts less than $1.
(d) All claims, including any amended claims, for tax credits under this section shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credit may be claimed. Failure to comply with the foregoing provision shall constitute a waiver of the right to claim the credit.
(e) As used in this section:
"Non-grid-connected renewable energy storage technology system" means any identifiable facility, equipment, apparatus, or the like that:
(1) Stores renewable energy that has been converted to useful thermal or electrical energy for heating, cooling, or reducing the use of other types of energy that are dependent on fossil fuel for their generation; and
(2) Is not connected to the electric grid.
"Renewable energy" has the same meaning as in section 269-91."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2015.
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INTRODUCED BY: |
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Report Title:
Non-grid-connected Renewable Energy Storage Technology System Tax Credit
Description:
Establishes a non-grid-connected renewable energy storage technology system tax credit.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.