Bill Text: HI SB2820 | 2020 | Regular Session | Amended
Bill Title: Relating To Renewable Energy.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Enrolled - Dead) 2020-07-13 - Enrolled to Governor. [SB2820 Detail]
Download: Hawaii-2020-SB2820-Amended.html
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THE SENATE |
S.B. NO. |
2820 |
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THIRTIETH LEGISLATURE, 2020 |
S.D. 2 |
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STATE OF HAWAII |
H.D. 2 |
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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. Section 235-12.5, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a)
When the requirements of subsection (d) are met, each individual or corporate
taxpayer that files an individual or corporate net income tax return for a taxable
year may claim a tax credit under this section against the Hawaii state individual
or corporate net income tax. The tax credit
may be claimed for every eligible renewable energy technology system that is installed
and placed in service in the State by a taxpayer during the taxable year. The tax credit may be claimed as follows:
(1) For each solar energy system: thirty-five per cent of the actual cost or the
cap amount determined in subsection (b)[, whichever is less; or]; provided
that:
(A) For taxable years beginning after
December 31, 2019, and except as provided in subparagraphs (B) and (C), no tax
credit may be claimed for a solar energy system that is five megawatts in total
output capacity or larger and requires a power purchase agreement approved by
the public utilities commission;
(B) A solar energy system that is five
megawatts in total output capacity or larger, installed and placed in service
pursuant to a power purchase agreement approved or pending approval by a
decision and order by the public utilities commission prior to
December 31, 2019, shall continue to receive a tax credit equal to
thirty-five per cent of the actual cost, or $500,000 per solar energy system
that has a total output capacity of at least one thousand kilowatts per system
of direct current, whichever is less; and
(C) For each solar energy system
integrated with a pumped hydroelectric energy storage system, the tax credit
may be claimed for thirty-five per cent of the actual cost or the cap amount
determined in subsection (b), whichever is less; provided that applicable
project approval filings have been made to the public utilities commission by
December 31, 2021; or
(2) For each wind-powered energy system: twenty per cent of the actual cost or the cap amount determined in subsection (b), whichever is less;
provided further that multiple owners of a single system shall
be entitled to a single tax credit; and provided further that the tax credit shall
be apportioned between the owners in proportion to their contribution to the cost
of the system.
In the case of a partnership, S corporation,
estate, or trust, the tax credit allowable is for every eligible renewable energy
technology system that is installed and placed in service in the State by the entity. The cost upon which the tax credit is computed
shall be determined at the entity level.
Distribution and share of credit shall be determined pursuant to [section
235-110.7(a).] administrative rule."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval and shall apply to taxable years beginning after December 31, 2019.
Report Title:
Renewable Energy Technologies; Income Tax Credit
Description:
Amends the requirements for each solar energy system to claim the renewable energy technologies income tax credit. (HD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
