Bill Text: HI HB1870 | 2014 | Regular Session | Introduced
Bill Title: Residential Backup Generator Tax Credit
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2014-03-28 - The committee on WAM deferred the measure. [HB1870 Detail]
Download: Hawaii-2014-HB1870-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1870 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to taxation.
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- Residential backup generator tax credit. (a) There shall be allowed to each individual taxpayer subject to the taxes imposed by this chapter, a residential backup generator tax credit that shall be deductible from the taxpayer's net income tax liability, if any, imposed by this chapter for the taxable year in which the credit is properly claimed.
The amount of the credit shall be equal to per cent of the actual cost of a new residential backup generator. The maximum allowable tax credit for a taxpayer during any taxable year shall be $ .
(b) For the purposes of this section:
"Net income tax liability" means net income tax liability reduced by all other credits allowed under this chapter.
"Residential backup generator" means an electrical generator purchased by a taxpayer and operated for the purpose of providing emergency power to the residence of the taxpayer who otherwise purchases power from a utility.
(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 credit made under this section and may adopt rules necessary to effectuate the purposes of this section pursuant to chapter 91.
(d) If the tax credit under this section exceeds the taxpayer's income tax liability, the excess of the credit over liability may be used as a credit against the taxpayer's income tax liability in subsequent years until exhausted. All claims for the tax credit under this section, including 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 this subsection shall constitute a waiver of the right to claim the credit."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2013.
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INTRODUCED BY: |
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Report Title:
Residential Backup Generator Tax Credit
Description:
Establishes a nonrefundable income tax credit for taxpayers who purchase residential backup generators.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
