Bill Text: HI SB2666 | 2012 | Regular Session | Amended

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Bill Title: Biofuel Production Facility; Tax Credit; Environmental Impact Statements

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2012-03-08 - (H) Referred to EEP, FIN, referral sheet 41 [SB2666 Detail]

Download: Hawaii-2012-SB2666-Amended.html

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STAND. COM. REP. NO. 2639

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2666

       S.D. 2

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2666, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO ENERGY,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to encourage biofuel production in the State.

 

     Specifically, the measure:

 

     (1)  Encourages the development and construction of biofuel production facilities in Hawaii by creating an income tax credit for investments in the construction and development of biofuel production facilities in the State;

 

     (2)  Requires a recipient of the biofuel production facility income tax credit to repay the full amount of any tax credit earned and claimed in one payment, to be made within the tenth taxable year after the recipient receives the final biofuel production facility income tax credit; and

 

     (3)  Clarifies the circumstances under which an environmental assessment is required for an action proposing an oil refinery, by adding a new definition of oil refinery.

 

     Your Committee received written comments on this measure from the Department of Business, Economic Development, and Tourism; and Tax Foundation of Hawaii.

 

     Your Committee finds that the long-term benefits of a locally situated biofuel production facility are worth the short-term costs associated with the development and construction of such a facility.

 

     Your Committee has amended this measure by:

 

     (1)  Providing a separate definition for the term "capital expenditures"; and

 

     (2)  Making technical nonsubstantive amendments for the purposes of style, clarity, and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2666, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2666, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

		____________________________ DAVID Y. IGE, Chair