STAND. COM. REP. NO. 226-16
Honolulu, Hawaii
, 2016
RE: H.B. No. 2511
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Eighth State Legislature
Regular Session of 2016
State of Hawaii
Sir:
Your Committee on Energy & Environmental Protection, to which was referred H.B. No. 2511 entitled:
"A BILL FOR AN ACT RELATING TO ENERGY STORAGE,"
begs leave to report as follows:
Upon further consideration, your Committee has amended this measure by deleting its contents and inserting provisions ensuring that the State will continue to make robust progress toward its clean energy goal of 100 percent renewable energy by 2045 by making amendments to the Renewable Energy Technologies Income Tax Credit (Tax Credit) to conform to federal requirements relating to energy property. Among other things, the amended measure:
(1) Clarifies that the Tax Credit may be claimed for every eligible energy property placed in service in the State by a taxpayer on or after July 1, 2017;
(2) Conforms the Tax Credit to what is allowed under federal law for a business tax credit or individual tax credit;
(3) Defines "energy property" to have the same meaning as defined in section 48 of the Internal Revenue Code of 1986, as amended, and related regulations, administrative guidelines, and pronouncements; and
(4) Defines "solar energy property" to have the same meaning as defined in Treasury Regulations section 1.48-9(d) and related administrative guidelines and pronouncements.
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 H.B. No. 2511, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2511, H.D. 1, and be referred to your Committee on Consumer Protection & Commerce.
Respectfully submitted on behalf of the members of the Committee on Energy & Environmental Protection,
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____________________________ CHRIS LEE, Chair |
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