Bill Text: HI SB1479 | 2011 | Regular Session | Amended
Bill Title: Renewable Energy; Energy Storage Tax Credit
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2011-02-14 - (S) Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB1479 Detail]
Download: Hawaii-2011-SB1479-Amended.html
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THE SENATE |
S.B. NO. |
1479 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ENERGY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that Hawaii is undergoing a critical transformation from an electricity energy system based on imported fossil fuels to one that uses clean, indigenous, and renewable energy sources. These sources, such as wind and solar, are frequently intermittent energy sources, meaning that they are not capable of supplying power at all times. Energy storage devices, such as batteries, can be installed to make intermittent sources of power available when needed.
The legislature also finds that it is in the public's interest to accelerate the deployment of clean energy storage devices to facilitate Hawaii's clean energy transition. The purpose of this Act is to provide an income tax credit to qualified taxpayers for the installation of clean energy storage systems.
SECTION 2. 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]
(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; or
(3) For each clean energy storage system: twenty-five per cent of the actual cost;
provided 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).
For the purposes of this subsection, "clean energy storage system" means a system that is capable of storing electrical energy derived from renewable energy sources; provides supplemental energy to reduce peak energy requirements primarily on the same site where the storage is located, or is designed and used primarily to receive and store intermittent renewable energy generated onsite and to deliver the energy primarily for onsite consumption; has the ability to store the energy equivalent of at least ten kilowatt hours of energy; has the ability to have the output of the energy equivalent of two kilowatts of electricity for a period of four hours; and has a roundtrip energy storage efficiency of not less than eighty per cent."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval; provided that this Act shall apply to taxable years beginning after December 31, 2011.
Report Title:
Renewable Energy; Energy Storage Tax Credit
Description:
Provides an income tax credit to qualified taxpayers for the installation of clean energy storage systems. Defines "clean energy storage system". Applies to taxable years beginning after 12/31/2011. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
