Bill Text: HI SB2821 | 2020 | Regular Session | Amended
Bill Title: Relating To Renewable Energy Tax Credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2020-03-09 - Referred to EEP, FIN , referral sheet 36 [SB2821 Detail]
Download: Hawaii-2020-SB2821-Amended.html
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THE SENATE |
S.B. NO. |
2821 |
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THIRTIETH LEGISLATURE, 2020 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO RENEWABLE ENERGY TAX CREDITS.
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 (b) to read as follows:
"(b)
The amount of credit allowed for each eligible renewable energy technology
system shall not exceed the applicable cap amount, which is determined as follows:
(1) If the primary purpose of the solar energy system is to use energy from the sun to heat water for household use, then the cap amounts shall be:
(A) $2,250 per system for single-family residential property;
(B) $350 per unit per system for multi-family residential property; and
(C) $250,000 per system for commercial property;
(2) For all other solar energy systems, the cap amounts shall be:
(A) $5,000 per system for
single-family residential property; provided
that if all or a portion of the system is used to fulfill the substitute renewable
energy technology requirement pursuant to section 196-6.5(a)(3), the credit shall
be reduced by thirty-five per cent of the actual system cost or $2,250, whichever
is less[;] until December 31, 2024, then $0 per unit per system for taxable
years thereafter;
(B) [$350] $750
per unit per system for multi-family residential property[;] until December
31, 2024, then $0 per unit per system for taxable years thereafter; and
(C) $500,000 per system
for commercial property[;] until December 31, 2024, then $0 per system
for taxable years thereafter; provided that notwithstanding any other law to the
contrary and any amendment made to this section, a power purchase agreement approved
by the public utilities commission prior to December 31, 2019, shall receive thirty-five
per cent of the actual cost or $500,000 per megawatt direct current, whichever is
less, for systems installed under this subparagraph; and
(3) For all wind-powered energy systems, the cap amounts shall be:
(A) $1,500 per system for single-family residential property; provided that if all or a portion of the system is used to fulfill the substitute renewable energy technology requirement pursuant to section 196-6.5(a)(3), the credit shall be reduced by twenty per cent of the actual system cost or $1,500, whichever is less;
(B) $200 per unit per system for multi-family residential property; and
(C) $500,000 per system for commercial property."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2019.
Report Title:
Renewable Energy Technologies; Solar; Photovoltaic; Energy Systems; Tax Credit
Description:
Beginning January 1, 2025, eliminates the renewable energy technologies income tax credit for solar energy systems for which the primary purpose is not to heat water. Provides a power purchase agreement for commercial properties that was approved by the Public Utilities Commission prior to 12/31/19 shall receive the tax credit regardless of any amendments made to the renewable energy technologies tax credit law. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
