Bill Text: HI SB2860 | 2022 | Regular Session | Amended
Bill Title: Relating To Water Conservation.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2022-02-11 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2860 Detail]
Download: Hawaii-2022-SB2860-Amended.html
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THE SENATE |
S.B. NO. |
2860 |
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THIRTY-FIRST LEGISLATURE, 2022 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO WATER CONSERVATION.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that water catchment systems promote cost-effective, reliable, and safe fresh water sources that reduce consumer demand on existing fresh water. The legislature further finds that water catchment systems 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 refundable income tax credit for Hawaii homeowners who install and place into service a water catchment system that meets certain requirements.
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) Any
qualified taxpayer who files an individual income tax return for a taxable year
may claim a refundable income tax credit of $100 under this section against the
taxpayer's net income tax liability for the taxable year for which the income tax
return is being filed.
(b) 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 made under this section and may adopt rules necessary
to effectuate the purposes of this section pursuant to chapter 91.
(c) The
tax credits claimed by a taxpayer pursuant to this section shall be deductible
from the taxpayer's individual income tax liability, if any, for the tax year
in which the tax credit is properly claimed.
If the tax credits claimed by a taxpayer exceed the amount of income tax
payment due from the taxpayer, the excess of credits over payments due shall be
refunded to the taxpayer; provided that tax credits properly claimed by an
individual who has no income tax liability shall be paid to the individual; provided
further that no refunds or payment on account of the tax credits allowed by
this section shall be made for amounts less than $1.
(d)
All claims for tax credits 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 credits may be claimed. Failure to comply with the foregoing
provision shall constitute a waiver of the right to claim the credit.
(e) For
purposes of this section, "qualified taxpayer" means a taxpayer who installed
and placed in service a water catchment system with a minimum capacity of one thousand
gallons on a residential property located in the State that is owned by the taxpayer
during the taxable year."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after July 1, 2050.
Report Title:
Water Catchment Tax Credit; Water Conservation
Description:
Creates a refundable water catchment tax credit for homeowners who install a water catchment system meeting certain requirements on residential property in the State owned by the homeowners. Defines "qualified taxpayer" as a taxpayer who has installed a water catchment system and placed the system in service during the taxable year. Takes effect 7/1/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
