Bill Text: HI SB1237 | 2021 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2021-03-11 - Referred to EEP, CPC, FIN, referral sheet 22 [SB1237 Detail]
Download: Hawaii-2021-SB1237-Amended.html
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THE SENATE |
S.B. NO. |
1237 |
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THIRTY-FIRST LEGISLATURE, 2021 |
S.D. 2 |
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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. 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]
$1,125 per system for single-family residential property;
(B) [$350] $175
per unit per system for multi-family residential property; and
(C) [$250,000] $125,000
per system for commercial property;
(2) For all other solar energy systems, the cap amounts shall be:
(A) [$5,000]
$2,500 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 thirty-five per
cent of the actual system cost or [$2,250,] $1,125, whichever is less;
(B) [$350] $175
per unit per system for multi-family residential property; and
(C) [$500,000] $250,000
per system for commercial property; provided that the
cap amount shall be $500,000 per system for commercial property used for an eligible
community-based renewable energy project pursuant to section 269-27.4;
and
(3) For all wind-powered energy systems, the cap amounts shall be:
(A) [$1,500] $750
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,]
$750, whichever is less;
(B) [$200] $100
per unit per system for multi-family residential property; and
(C) [$500,000] $250,000
per system for commercial property[.]; provided that the cap amount shall
be $500,000 per system for commercial property used for an eligible community-based
renewable energy project pursuant to section 269-27.4."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050 and shall apply to taxable years beginning after December 31, 2021.
Report Title:
Renewable Energy Technologies; Income Tax Credit
Description:
Reduces the cap amounts of the renewable energy technologies income tax credit. Applies to taxable years beginning after 12/31/2021. Effective 7/1/2050. (SD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
