Bill Text: HI HB1613 | 2024 | Regular Session | Amended
Bill Title: Relating To Water Catchment.
Spectrum: Moderate Partisan Bill (Democrat 9-2)
Status: (Introduced - Dead) 2024-02-14 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Matayoshi, Takayama, Todd excused (3). [HB1613 Detail]
Download: Hawaii-2024-HB1613-Amended.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
1613 |
THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO WATER CATCHMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that water is essential
to life and flourishing local communities.
Yet some communities, such as portions of the Ka‘ū
region of Hawai‘i island, lack access to municipal
water infrastructure, leaving residents to rely on water catchment systems that
are filled through water subscription services to meet their basic needs. Notably, areas that lack water resources are
often highly impoverished, creating conditions in which a lack of water access
worsens preexisting economic precarity.
The legislature additionally finds that water catchment systems can be cost-effective, reliable, and safe fresh water sources that reduce consumer demand on existing fresh water. Water catchment systems can promote water conservation; mitigate flooding; and conserve energy needed to pump, treat, and transport fresh water for consumer use.
The purpose of this Act is to provide a nonrefundable income tax credit for homeowners who install and place into service a water catchment system on residential properties.
SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Water
catchment tax credit. (a) Each
qualified taxpayer who files an individual income tax return for a taxable year
may claim a nonrefundable income tax credit equal to the lesser of:
(1) The qualified
costs of installing and placing into service a water catchment system; or
(2) $250,
(b)
The total amount of tax credits allowed under this section shall not
exceed $ for all
qualified taxpayers in any particular year.
(c) The
director of taxation shall prepare any forms that may be necessary to claim a
tax credit under this section. The
director may also require the taxpayer to furnish reasonable information to
ascertain the validity of the claim for the credit and adopt rules, pursuant to
chapter 91, necessary to implement this section.
(d) Each
qualified taxpayer may claim only one tax credit for each water catchment
system installed and placed into service.
The tax credit claimed by a taxpayer pursuant to this section shall be
deductible from the taxpayer's net income tax liability, if any, for the tax
year in which the tax credit is properly claimed. If the tax credit claimed by a taxpayer
exceeds the amount of income tax payments due from the taxpayer, the excess of
credits over liability may be used as a credit against the taxpayer's income
tax liability in subsequent years until exhausted; provided that no refund on
account of the tax credit allowed by this section shall be made for amounts
less than $1.
(e)
All claims for a tax credit under this section, including any amended
claims, 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.
(f)
This section shall not apply to taxable years beginning after December
31, 2029.
(g) As
used in this section:
"Qualified taxpayer" means a
taxpayer who has installed and placed in service during the taxable year a
water catchment system.
"Water catchment system" means a system
of catching rainwater from a surface to a storage container with a minimum
capacity of one thousand gallons on a residential property located in the State
that is owned by the taxpayer."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 3000, and shall apply to taxable years beginning after December 31, 2024.
Report Title:
Water Conservation; Water Catchment; Income Tax Credit
Description:
Creates a
nonrefundable water catchment income tax credit for a homeowner who installs
and places into service a water catchment system meeting certain requirements
on residential property in the State owned by the homeowner. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.